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Indian rupee rises against UAE dirham ahead of RBI meeting outcome

Weak trend in the equities, surging crude oil prices, unabated foreign fund outflows capped the appreciation of the currency

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The Indian rupee strengthened by nine paise to 77.69 against the US dollar (21.16 versus the UAE dirham) in opening trade on Wednesday, ahead of the Reserve Bank of India's monetary policy decision.

A weak trend in the Indian equities, surging crude oil prices and unabated foreign fund outflows capped the appreciation bias of the rupee, forex dealers said.

The RBI's Monetary Policy Committee (MPC) is slated to announce its policy decision later today.

At the Indian interbank foreign exchange, the rupee opened strong at 77.70 against the US dollar, then gained further ground to quote 77.69, registering a rise of 9 paise over the last close.

In the previous session, the rupee had closed at a record 77.78 against the US dollar.

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On the Indian equity market front, the 30-share Sensex was trading 63.2 points or 0.11 per cent lower at 55,044.14, while the broader NSE Nifty slipped 23.65 points or 0.14 per cent to 16,392.70.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.24 per cent to 102.56.

Global oil benchmark Brent crude futures advanced 0.07 per cent to $120.66 per barrel.

Last month, RBI raised the repo rate or short-term lending rate by 40 basis points in an off-cycle monetary policy review to check spiralling inflation.

(With inputs from PTI)

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