Indian rupee makes sharp gains against UAE dirham

The Indian rupee depreciated 66 paise to 81.57 against the US dollar (22.22 versus the Emirati dirham) in early trade on Wednesday, tracking the strength of the American currency and a muted trend in Indian equities.

At the Indian interbank foreign exchange, the rupee opened at 81.41 against the dollar, then lost ground to quote at 81.57, registering a loss of 66 paise over its previous close.

On Tuesday, the rupee appreciated 37 paise to close at 80.91 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.17 per cent to 106.58.

Brent crude futures, the global oil benchmark, fell 0.36 per cent to $93.52 per barrel.

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In the Indian equity market, the 30-share BSE Sensex was trading 72.09 points or 0.12 per cent down at 61,800.90, and the broader NSE Nifty was trading lower by 24.60 points or 0.13 per cent to 18,378.80.

Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs2.21 billion on Tuesday, according to exchange data.

On the macroeconomic front, India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to $29.78 billion in October. The trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday.

(With inputs from PTI)

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• UAE