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Indian rupee gains ahead of Economic Survey, trades at 20.41 against UAE dirham

Indian rupee seen trading between 20.38 and 20.54 against UAE dirham ahead of budget

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The Indian rupee appreciated 15 paise to 74.92 against the US dollar (20.41 versus the UAE dirham) in opening trade on Monday, supported by the recovery in the Indian equities.

However, the surge in the rupee was restricted due to the rise in oil prices and firm American currency.

Meanwhile, Indian Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22, later in the day.

At the Indian interbank foreign exchange, the rupee opened at 74.97 against the dollar, then inched higher to quote 74.92, registering a rise of 15 paise from the last close.

In the previous session, the rupee had settled at 75.07 against the greenback.

According to Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors, the rupee is expected to be in the range of 74.80 to 75.40 (20.38 to 20.54 against dirham) before the presentation of the Union Budget on Tuesday.

The market is now looking at the Union Budget, Bank of England and European Central Bank meetings and finally the Reserve Bank of India's Monetary Policy Committee meeting for further cues, Bhansali said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent lower at 97.14.

On the Indian equity market front, the 30-share Sensex was trading 838.6 points or 1.47 per cent higher at 58,038.83, while the broader NSE Nifty advanced 251.10 points or 1.47 per cent to 17,353.05.

Global oil benchmark Brent crude futures rose 1.24 per cent to $91.15 per barrel.

(with inputs from PTI)

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