Indian rupee rises to Dh19.76, thanks to dip in new Covid-19 cases
In Asia, most of the currencies were flat against the US dollar and this could aid the rupee as well.
The Indian rupee rose to 72.54 against the dollar (19.76 versus UAE dirham) on Tuesday morning due to weakness in greenback and fall in new coronavirus cases in the country.
Reliance Securities said in a research note that the rupee is tracking the overall weakness of the dollar and non-interference of Reserve Bank of India to rein in the rupee’s rise. Improved risk appetite could further support the rupee, it said.
In Asia, most of the currencies were flat against the US dollar this morning and this could aid the Indian rupee as well, said the note.
However, forex traders were a bit cautious due to rise in oil because rise in crude prices weighs on the country’s economic performance. Global oil benchmark Brent crude futures rose 1.24 per cent to $70.18 per barrel on Tuesday morning.
India’s economy contracted 7.3 per cent in 2020-21, official data showed Monday — its worst recession since independence as coronavirus lockdowns put millions out of work.
Asia’s third-largest economy grew by 1.6 per cent between January and March — the fourth quarter of its fiscal year — after exiting its first “technical recession” since 1947 following two successive quarters of contraction.
The Bombay Stock Exchange was trading 40.85 points or 0.08 per cent higher at 51,978.29, while the National Stock Exchange fell 5.30 points or 0.03 per cent to 15,577.50.
India on Tuesday reported 1,27,510 new infections in 24 hours — its lowest in 50 days, as 2,795 more succumbed to the pandemic.
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