Indian rupee recovers against UAE dirham as Russia-Ukraine tension eases

The Indian rupee appreciated 18 paise to 75.14 against the US dollar (20.47 against the UAE dirham) in the opening trade on Wednesday amid signs of de-escalation in the conflict between Russia and Ukraine.

At the Indian interbank foreign exchange, the rupee opened at 75.24 against the American dollar and then inched higher to 75.14, recording a rise of 18 paise from the last close.

On Tuesday, the rupee snapped its five-session losing streak and surged 28 paise to close at 75.32 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 0.06 per cent higher at 96.04.

“The rupee opened stronger against the US dollar on Wednesday as tension de-escalated in Eastern Europe,” said Sriram Iyer, senior research analyst at Reliance Securities.

Crude and dollar were subdued on Wednesday and let support, Iyer said, adding that investors will look to retail sales data and US Federal Reserve minutes for further cues.

On the Indian equity market front, the 30-share Sensex was trading 95.87 points or 0.15 per cent lower at 58,056.18, while the broad NSE Nifty declined 14.10 points or 0.08 per cent to 17,338.35.

Global oil benchmark Brent crude futures fell 0.26 per cent to $93.04 a barrel.

(Within inputs from PTI)

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