iPhone | iPad
Android
Huawei
Europe lead US 6½-1½ after dominating display on day one at Marco Simone Golf and Country Club
KT APPDOWNLOAD
Indian rupee slips against UAE dirham due to fund outflows
Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4 per cent for the current fiscal.
File
The Indian rupee fell five paise to 75.49 against the US dollar (20.56 against the Emirati dirham) at the opening of the market on Wednesday as persistent foreign fund outflows kept the pressure on the local unit.
But a rally in the Indian equities and sliding crude prices in the international market restricted the rupee’s fall, said forex traders.
At the Indian interbank foreign exchange, the rupee opened strong at 75.38 but could not hold on to the gains and dropped five paise to quote 75.49 against the dollar in early deals.
Fitch Ratings on Wednesday cut India’s economic growth forecast to 8.4 per cent for the current fiscal but raised the growth projection for the next financial year to 10.3 per cent.
The dollar index, which gauges the greenback’s strength against a basket of six currencies fell 0.22 per cent to 96.16.
On the Indian equity market front, the 30-share Sensex was trading 658.72 points or 1.14 per cent higher at 58,292.37 while the broader NSE Nifty surged 198.15 points or 1.15 per cent to 17,374.85.
Brent crude futures, the global oil benchmark, fell 0.15 per cent to $75.33 per barrel. Foreign institutional investors remained net sellers in the capital markets, pulling out Rs2,584.97 crore on Tuesday.
(with inputs from PTI)
More news from
U.S. Open quarter finalist Zheng Qinwen claims tennis gold as India's shooters break the world record as when winning gold in the 50m team rifle competition
The Minister added that the UAE seeks to strengthen food production to combat world hunger, which impacted 783 million people last year
Kimia Yousofi, who resettled in Australia last year, says she represents Afghan girls who don't have permission for education and sports
During his tenure with the Three Lions he helped them win the ODI tournament in 2019 and the T20 World Cup in 2022
The Ministry of Foreign Affairs reaffirms permanent rejection of all forms of violence and terrorism aimed at undermining security and stability
The number of workers walking off the job during the first-ever simultaneous strike against the Detroit Three automakers has grown to 25,000
The Crown Prince met with the Serbian President as well Hungary's Prime Minister