Indian rupee rises against UAE dirham as dollar weakens

The Indian rupee strengthened against the US dollar and the UAE dirham in opening trade on Thursday, due to a weak greenback and early gains in Indian equity markets.

Firm crude oil prices and forex outflows from capital markets, however, restricted the rupee’s gains, according to forex dealers.

At the Indian interbank foreign exchange market, the rupee opened higher at 82.78 to a dollar (22.55 versus Emirati dirham) against the previous close of 82.84.

The rupee appreciated further to hit a high of 82.73 before trading at 82.74, showing gains of 10 paise over the previous close.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.28 per cent to 103.87.

Brent crude futures, the global oil benchmark, advanced 0.45 per cent to $82.57 per barrel.

• Indian rupee slips against UAE dirham