Time to remit: Indian rupee at all-time low against UAE dirham

A lacklustre trend in the Indian equities, and persistent foreign capital outflows weighed on investor sentiments



by

A Staff Reporter

Published: Mon 13 Jun 2022, 9:44 AM

The Indian rupee slipped 36 paise to its all-time low of 78.29 against the US dollar (21.33 versus the UAE dirham) in early trade on Monday, tracking the strength of the American currency overseas as investors flocked to the safe-haven currency amid an overall risk-averse sentiment.

Forex traders in India said weak Asian currencies, a lacklustre trend in the Indian equities, and persistent foreign capital outflows weighed on investor sentiments.

At the Indian interbank foreign exchange, the rupee opened at 78.20 against the American dollar, then lost ground to quote at 78.29 -- its record low level, registering a fall of 36 paise from the last close.

On Friday, the rupee tumbled 19 paise to close at a fresh lifetime low of 77.93 against the US dollar.

“Weak global sentiments and weak Asian and European currencies have allowed the rupee to open below 78 after RBI ensured it did not cross 77.70. Have to watch the RBI as to how it behaves in the next few days,” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors.

Global oil benchmark Brent crude futures fell 1.46 per cent to $120.23 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent higher at 104.45. On the Indian equity market front, the 30-share Sensex was trading 1,461.54 points or 2.69 per cent lower at 52,841.90, while the broader NSE Nifty tanked 418.95 points or 2.59 per cent to 15,782.85.

(With inputs from PTI)

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