Indian rupee appreciates against UAE dirham in early trade

The Indian rupee appreciated 17 paise to 81.55 against the US dollar (22.22 versus the UAE dirham) in early trade on Wednesday on broad dollar weakness and a positive trend in the Indian equities.

At the Indian interbank foreign exchange, the rupee opened at 81.63 against the dollar, then gained ground to touch 81.55, registering a rise of 17 paise over its previous close.

On Tuesday, the rupee declined 4 paise to close at 81.72 against the US dollar.

Forex traders said investors will focus on the US Federal Reserve Chairman Jerome Powell’s speech and the release of key Indian macroeconomic data for further cues.

“Market is looking forward to Fed Chair Powell’s speech today. He is likely to signal a slowdown in the pace of rate hikes,” IFA Global Research Academy said in a note.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.15 per cent to 106.65.

Brent crude futures, the global oil benchmark, advanced 1.14 per cent to $83.98 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 111.56 points or 0.18 per cent higher at 62,793.40 points.

Similarly, the broader NSE Nifty rose 36.30 points or 0.19 per cent to 18,654.35 points. Foreign Institutional Investors (FIIs) were net buyers on Tuesday as they bought shares worth Rs1.241 billion, according to exchange data.

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