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Indian rupee gains against UAE dirham on Tuesday
Dubai - The gains in the currency were supported by positive domestic equities.
The Indian rupee appreciated by 14 paise to 74.59 against the US dollar (20.32 versus UAE dirham) in opening trade on Tuesday, shrugging off any concern about the pandemic.
The gains in the currency were supported by positive domestic equities.
At the interbank forex market, the local unit opened at 74.65 against the US dollar and then inched higher to 74.59 against the greenback, registering a rise of 14 paise over its previous close.
On Monday, the rupee had settled at 74.73 against the American currency.
Reliance Securities said in a research note that rupee has consolidated in a narrow range where it is reluctant to cross above 75.00 levels and now could retest 74.65-74.50 levels. “Resistance is at 74.85-75.00 levels. The USD-INR spot pair could trade in a range of 74.60-74.90 levels," it said.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 276.5 points higher at 48,663.01, and the broader NSE Nifty advanced 82.75 points to 14,567.75.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.13 per cent to 90.92.
"The US dollar index was trading higher this morning in Asian trade tracking the strength of the bond yields," the research note said, adding that investors are awaiting US Federal Reserve’s monetary policy outcome on Wednesday for further cues.
Photo: Reuters
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