Indian rupee appreciates against UAE dirham in early trade

The Indian rupee appreciated four paise to 79.80 against the US dollar (21.74 versus the UAE dirham) on Monday morning, supported by receding crude prices in global markets.

However, losses in the Indian stock markets weighed on the rupee and restricted the gain, forex traders said.

At the Indian interbank foreign exchange, the rupee opened lower at 79.90 against the dollar but recovered lost ground to quote 79.80, registering a gain of four paise over its previous close.

In the previous session, the rupee had depreciated 20 paise to close at 79.84 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.05 per cent to 108.11.

Brent crude futures, the global oil benchmark, declined 1.14 per cent to $95.62 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 351.18 points or 0.59 per cent down at 59,294.97. Similarly, the broader NSE Nifty fell 107.35 points or 0.60 per cent to 17,651.10.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, as they purchased shares worth Rs 11.1 billion on Friday, according to provisional data.

After turning net buyers last month, foreign investors have shown tremendous enthusiasm for Indian equities and infused close to Rs445 billion in August so far.

(With inputs from PTI)

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