Indian rupee gains against UAE dirham in early trade

The Indian rupee appreciated 14 paise to 81.14 against the American currency (22.1 against UAE dirham) in early trade on Tuesday on positive Indian macroeconomic data and easing crude oil prices.

Forex traders said sustained foreign fund inflows also supported the rupee.

At the Indian interbank foreign exchange, the rupee opened at 81.18 against the dollar, then gained further ground to touch 81.14, registering a rise of 14 paise over its previous close.

On Monday, the rupee depreciated by 50 paise to close at 81.28 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.30 per cent to 106.97.

Brent crude futures, the global oil benchmark, declined 0.13 per cent to $93.02 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 21.13 points or 0.03 per cent lower at 61,603.02. The broader NSE Nifty rose 3.50 points or 0.02 per cent to 18,332.65.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs10.89 billion, according to exchange data.

On the macroeconomic front, indicating an easing of the price situation, retail inflation moderated to 6.7 per cent in October while the wholesale price index-based inflation fell to a 19-month low mainly on account of subdued rates of food items.

(With inputs from PTI)

ALSO READ:

• Moody's cuts India's 2022 GDP growth forecast to 7%, sees 2023 growth at 4.8%

• Indian rupee sees volatility, drops against UAE dirham

• Business
• UAE
• India