Indian rupee slips against UAE dirham, hit by Omicron concerns

The Indian rupee fell 26 paise to 74.54 against the US dollar (20.31 versus the UAE dirham) in opening trade on Tuesday, tracking the strength of the American currency in the global markets.

Forex traders said growing concerns over the Omicron variant of coronavirus and its impact on economic recovery as well as firm crude oil prices weighed on the rupee.

At the Indian interbank foreign exchange, the rupee opened weak at 74.49 against the US dollar, then fell further to 74.54 against the greenback in early deals, registering a decline of 26 paise from the last close.

On Monday, the rupee settled at 74.28 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.04 per cent to 96.25.

Global oil benchmark Brent crude futures rose by 0.53 per cent to $79.40 per barrel.

On the Indian equity market front, the 30-share Sensex was trading 323.98 points or 0.55 per cent higher at 59,507.20, while the broader NSE Nifty advanced 88.95 points or 0.5 per cent to 17,714.65.

(with inputs from PTI)

• India