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Indian rupee inches up against UAE dirham in early trade

The dollar index was trading 0.04% lower at 102.01

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The Indian rupee appreciated three paise to 77.52 against the US dollar (21.12 versus the UAE dirham) in the opening trade on Thursday as a positive trend in Indian equities and weak American currency overseas supported the rupee.

However, rising crude oil prices in the international markets and continued foreign fund outflows kept the pressure on the rupee, forex traders said.

At the Indian interbank foreign exchange, the rupee opened slightly weak at 77.54 against the American dollar and then inched up to quote 77.52, registering a rise of 3 paise over the previous close. It was moving in a tight range of 77.52 to 77.55 in early deals.

In the previous session, the rupee settled at 77.55 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 102.01.

On the Indian equity market front, the 30-share Sensex was trading 271.98 points or 0.51 per cent higher at 54,021.24 points, while the broader NSE Nifty climbed 66.20 points or 0.41 per cent to 16,092 points.

Global oil benchmark Brent crude futures rose 0.51 per cent to $114.61 per barrel.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 18.03 billion, as per stock exchange data.

(with inputs from PTI)

• Dubai