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Time to remit: Indian rupee drops against UAE dirham, US dollar

The rupee declined 10 paise to close at an 18-month low of 75.88 on Tuesday.

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The Indian rupee dropped below 76 against the US dollar on Wednesday as persistent foreign fund outflows and Omicron worries kept the pressure on the South Asian currency.

At the Indian interbank foreign exchange, the rupee opened on a weak note at 76.05, then lost further ground and touched 76.10 against the dollar (20.73 versus the UAE dirham) in early deals, registering a fall of 22 paise over its last close.

The rupee declined 10 paise to close at an 18-month low of 75.88 on Tuesday.

Traders said the decline in the rupee has also been driven by the fear of the rapid spread of the Omicron variant. Delhi has reported four more cases of Omicron while eight more persons have tested positive for the Covid-19 variant in Maharashtra on Tuesday, taking the tally in the country to 61.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies fell 0.06 per cent to 96.51.

On the domestic equity market front, the 30-share Sensex was trading 279.59 points or 0.48 per cent lower at 57,837.50, while the broader NSE Nifty fell 79.25 points or 0.46 per cent to 17,245.65.

(With inputs from PTI)

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