Indian rupee rises to 20.13 against UAE dirham

Expectations of foreign inflows worth as much as $2 billion into a slew of IPOs lifted sentiments

Rupee, indian rupee,
Rupee, indian rupee,

A Staff Reporter

Published: Tue 9 Nov 2021, 9:39 AM

The Indian rupee surged 13 paise to 73.90 against the US dollar (20.13 versus the UAE dirham) on Tuesday morning as IPO-related inflows and easing crude oil prices supported the rupee.

At the Indian interbank foreign exchange, the rupee opened on a strong note at 73.92 against the dollar, then gained further ground and touched 73.90 in early deals, a rise of 13 paise over its previous close. On Monday, the rupee had settled at 74.03 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09 per cent to 93.96.

The Indian rupee opened stronger this Tuesday as concerns over the effects of the US Federal Reserve's bond tapering subsided and positive domestic factors took precedence, Reliance Securities said in a research note.

Moreover, expectations of foreign inflows worth as much as $2 billion into a slew of Indian initial public offerings (IPOs) and signs of stabilisation in oil prices have also lifted sentiments.

However, the Reserve Bank of India's presence could cap the appreciation bias, the note said.

Global oil benchmark Brent crude futures fell 0.13 per cent to $83.32 per barrel.

On the domestic equity market front, BSE Sensex was trading 69.54 points or 0.11 per cent lower at 60,476.07, while the broader NSE Nifty declined 10.70 points or 0.06 per cent to 18,057.85.

(With inputs from PTI)

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