Time to remit: Indian rupee slips against UAE dirham

The dollar index was trading 0.01% lower at 104.19

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PTI file
PTI file

A Staff Reporter

Published: Tue 17 May 2022, 9:51 AM

Last updated: Tue 17 May 2022, 10:22 AM

The Indian rupee depreciated 14 paise to 77.69 against the US dollar (21.16 versus the UAE dirham) in the opening trade on Tuesday morning tracking persistent foreign fund outflows and elevated global crude oil prices.

However, a firm trend in Indian equities capped the losses in the rupee, forex traders said.

At the Indian interbank foreign exchange, the rupee opened weak at 77.67 against the American dollar, then lost further ground to quote at 77.69, registering a fall of 14 paise from the last close.

The rupee also touched its record intra-day low of 77.71 to a dollar in early deals. In the previous session, the South Asian currency had settled at an all-time low of 77.55 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 104.19.

On the Indian equity market front, the 30-share Sensex was trading 291.04 points or 0.55 per cent higher at 53,264.88, while the broader NSE Nifty advanced 93.90 points or 0.59 per cent to 15,936.20.

Global oil benchmark Brent crude futures slipped 0.25 per cent to $113.95 per barrel.

(with inputs from PTI)

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