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Indian equity market gains lift rupee against UAE dirham

The dollar index was trading unchanged at 96.25.

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The Indian rupee appreciated by 10 paise to 74.48 against the US dollar (20.29 versus the UAE dirham) in opening trade on Wednesday, tracking gains in the Indian equity markets.

At the Indian interbank foreign exchange, the rupee opened strong at 74.54 against the American dollar, then inched higher to 74.48, registering a rise of 10 paise from the last close.

In the previous session, the rupee tumbled 30 paise to close at 74.58 against the US dollar.

Forex traders said growing concerns over the Omicron variant of the coronavirus and its impact on economic recovery, elevated crude oil prices and a strong greenback overseas weighed on the rupee and kept the appreciation bias limited.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading unchanged at 96.25.

Meanwhile, on the Indian equity market front, the 30-share Sensex was trading 144.01 points or 0.24 per cent higher at 59,999.94, while the broader NSE Nifty advanced 38.55 points or 0.22 per cent to 17,843.80.

Global oil benchmark Brent crude futures fell 0.22 per cent to $79.82 per barrel.

(with inputs from PTI)

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