Indian rupee slips against UAE dirham in early trade

Sliding crude prices in the international market restricted the rupee’s fall



by

A Staff Reporter

Published: Mon 11 Jul 2022, 9:51 AM

The Indian rupee depreciated seven paise to 79.33 against the US dollar (21.61 versus the UAE dirham) on Monday morning as a muted trend in the Indian equities and risk-averse sentiments weighed on the rupee.

However, sliding crude prices in the international market restricted the rupee’s fall, according to forex traders.

At the Indian interbank foreign exchange, the rupee opened weak at 79.30 against the American dollar and slipped further to quote at 79.33, a decline of seven paise over its last close.

In initial trade, the local currency witnessed a high of 79.24 and a low of 79.35 against the US dollar. In the previous session, the rupee had closed at an all-time low of 79.26 against the dollar.

On the Indian equity front, the 30-share Sensex was trading 265.1 points or 0.49 per cent lower at 54,216.74, while the broader NSE Nifty slipped 89.80 points or 0.55 per cent to 16,130.80.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.31 per cent to 107.34.

Global oil benchmark Brent crude futures declined 0.63 per cent to $106.35 per barrel.

(With inputs from PTI)

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