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Indian rupee appreciates against UAE dirham

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.38 per cent to 106.28

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The Indian rupee appreciated 8 paise to 81.60 against the US dollar (22.23 versus the UAE dirham) in early trade on Tuesday as foreign capital inflows and a firm trend in the Indian equity market boosted investor sentiments.

Besides, a weak American currency in the overseas market helped the local unit, forex dealers said.

At the Indian interbank foreign exchange, the rupee opened strong at 81.58 against the dollar, then inched lower to quote at 81.60, registering a rise of 8 paise over its previous close.

In the previous session on Monday, the rupee rose 3 paise to end at 81.68 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.38 per cent to 106.28.

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Brent crude futures, the global oil benchmark, surged 1.39 per cent to $84.35 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 164.06 points or 0.26 per cent higher at 62,668.86. Similarly, the broader NSE Nifty rose 59.10 points or 0.32 per cent to 18,621.85.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they sold shares worth Rs9.35 billion, according to exchange data.

S&P Global Ratings on Monday cut India’s economic growth forecast for the current fiscal year to 7 per cent but said the economy will be less impacted by the global slowdown.

(With inputs from PTI)

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