iPhone | iPad
Android
Huawei
The legendary Greek-Russian conductor Teodor Currentzis, who is all set to perform at the Dubai Opera next week, on music transcending cultural and language barriers
KT APPDOWNLOAD
Indian rupee recovers against UAE dirham after hitting all-time low
This was mainly on account of softening food and fuel prices
The Indian rupee rebounded from its all-time low level and inched higher by 2 paise to 78.02 against the US dollar (21.25 versus the UAE dirham) in opening trade on Tuesday.
At the Indian interbank foreign exchange, the rupee opened at 78.02 against the dollar, registering a rise of 2 paise over its previous close.
In initial deals, the rupee also surged to 77.90 against the American currency but could not hold on to the gains and touched 78.06.
On Monday, the rupee depreciated by 11 paise to close at a fresh lifetime low of 78.04 against the US dollar.
The Indian rupee opened flat against the dollar on Tuesday as gains from easing domestic inflation worries negated the overnight strength of the greenback, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Retail inflation eased to 7.04 per cent in May, mainly on account of softening food and fuel prices as the government as well as the Reserve Bank of India stepped in to control spiralling price rises by way of duty cuts and repo rate hikes.
However, the inflation print stayed above the Reserve Bank's upper tolerance level of 6 per cent for the fifth month in a row. This may prompt the central bank to further hike the repo rate at its next policy meeting in August.
Asian and emerging market peers have started mixed, but higher inflation readings could keep bias weak for the currencies, Iyer noted.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.01 per cent to 105.08, supported by fears of a global economic slowdown and expectations of an aggressive rate hike path from the US Fed.
Meanwhile, crude oil prices remained elevated on Tuesday morning and kept appreciation bias limited.
Global oil benchmark Brent crude futures fell 0.02 per cent to $122.25 per barrel.
On the Indian equity market front, BSE Sensex was trading 145.13 points or 0.27 per cent lower at 52,701.57, while the broader NSE Nifty declined 85.30 points or 0.54 per cent to 15,689.10.
(with inputs from PTI)
ALSO READ:
More news from
Not every kid is meant to go to university or college. So, it makes sense to teach them entrepreneurial skills early
Some hotels quote Dh1,000 to Dh8,000 for standard hotel room that would usually start at around Dh345 per night
When feeling stuck in life, it's important to revise your thinking patterns
A guide on the channels to report complaints about violations at your workplace
The standout performances came from Arwa Saleh, Mohammed Al-Dhahouri and Amna Al-Loughani on the Taekwondo mat
The story of a non-resident Bangladeshi family establishing and running the famed perfume company Al Haramain and its successful subsidiaries
Matches will be played on an exclusive Saturday with no Premier League fixtures taking place on the same day
