Indian rupee slips against UAE dirham in early trade

However, lower crude prices in the international market and fresh foreign fund inflows restrict the rupee’s fall, forex dealers say



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A Staff Reporter

Published: Mon 28 Nov 2022, 9:32 AM

The Indian rupee depreciated six paise to 81.77 against the US dollar (22.28 versus the UAE dirham) in early trade on Monday, tracking a lacklustre trend in the Indian equity markets and a firm American currency overseas.

However, lower crude prices in the international market and fresh foreign fund inflows restricted the rupee’s fall, forex dealers said.

At the Indian interbank foreign exchange, the rupee opened weak at 81.81 against the dollar, then gained some ground to quote 81.77, registering a decline of six paise over its previous close.

In the previous session on Friday, the rupee weakened by just one paisa to end at 81.71 against the dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.41 per cent to 106.39.

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Brent crude futures, the global oil benchmark, declined 2.58 per cent to $81.47 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 27.97 points or 0.04 per cent lower at 62,265.67. Similarly, the broader NSE Nifty fell 12.45 points or 0.07 per cent to 18,500.30.

Foreign Institutional Investors (FIIs) were net buyers in the Indian capital markets on Friday as they bought shares worth Rs3.69 billion, according to exchange data.

Foreign portfolio investors have rediscovered their liking for Indian equities, making a net investment of Rs 31,630 crore in November in hopes of an end to the aggressive rate hikes and positivity about overall macroeconomic trends.

(With inputs from PTI)


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