UAE residents alert: Indian rupee rises after 20-month low
On Wednesday, the Indian rupee fell 105 paise to mark its biggest single-session drop in over 20 months.
The Indian rupee appreciated around 10 paise to 74.37 against the US dollar or 20.26 versus UAE dirham on Thursday morning, helped by the domestic equity market.
On Wednesday, the Indian rupee fell 105 paise to mark its biggest single-session drop in over 20 months against the US currency amid concerns over surging Covid-19 cases in South Asia’s most populous nation.
"(India’s central bank) Reserve Bank of India could present on Thursday measures to curb volatility and could cap losses," Reliance Securities said in a research note.
Asian currencies were mostly lower and could cap gains, the note added.
On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 407.35 points higher at 50,069.11 on Thursday morning, and the broader NSE Nifty advanced 121.20 points to 14,940.25.
(With inputs from PTI)
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