Indian rupee slips to 20.28 versus UAE dirham

The Indian rupee started 2022 on a muted note as it slipped 14 paise to 74.43 against the US dollar (20.28 against Emirati dirham) in opening trade on Monday, tracking weak macroeconomic data.

At the Indian interbank foreign exchange, the rupee opened weak at 74.35, then fell further to 74.43 against the greenback, registering a decline of 14 paise from the last close. The rupee also touched an early high of 74.31 against the greenback in initial deals.

The dollar index, which gauges the greenback's strength against a basket of six currencies, increased by 0.19 per cent to 96.85.

On the macroeconomic front, India's current account slipped into a deficit of $9.6 billion or 1.3 per cent of GDP in the September quarter, the Reserve Bank said on December 31.

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.

However, gains in the Indian equity markets helped contain the rupee’s slide on Monday morning. The 30-share Sensex was trading 490.38 points or 0.84 per cent higher at 58,744.20, while the broader NSE Nifty advanced 136.35 points or 0.79 per cent to 17,490.40.

(with inputs from PTI)

• India
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