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Indian rupee inches higher, trades at 20.27 versus UAE dirham
Dubai - In the Indian interbank market, the rupee opened at 74.43 against the dollar, then inched four paise higher to 74.39.
The Indian rupee inched four paise higher to 74.39 against the US dollar (20.27 against the UAE dirham) on Wednesday morning due to a negative trend in the Indian equity markets.
In the Indian interbank market, the rupee opened at 74.43 against the dollar, then inched four paise higher to 74.39. The dollar index was up 0.03 per cent at 93.08.
Forex traders said foreign fund outflows and a negative trend in the Indian equities are likely to weigh on the rupee.
On the Indian equity market front, BSE Sensex was trading 218.9 points or 0.40 per cent lower at 54,335.76, while the broader NSE Nifty declined 68.25 points or 0.42 per cent to 16,211.85.
"The current crop of IPOs is not showing interest from FPIs so flows are limited. Exporters to wait for 74.50 to sell, while importers to buy near 74.30 and below. The tapering issue to continue as we wait for the US CPI data this evening," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
(with inputs from PTI)
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