Indian rupee slips against UAE dirham

The Indian rupee declined eight paise to 74.91 against the US dollar (20.41 versus the UAE dirham) in opening trade on Thursday, weighed down by the strength of the American currency and muted Indian equities.

Forex traders said elevated crude oil prices also dragged down the rupee.

At the Indian interbank foreign exchange, the rupee opened at 74.84 against the dollar, then slipped further to 74.91, registering a decline of 8 paise over the last close.

The rupee on Wednesday had settled at 74.83 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.10 per cent to 96.03.

ALSO READ:

• UAE: Gold prices steady; 24K trades at Dh219 per gram

• UAE non-oil sector continues to expand sharply in January

Meanwhile, global oil benchmark Brent crude futures fell by 0.25 per cent to $89.25 per barrel.

On the Indian equity market front, the 30-share Sensex was trading more than 278.94 points or 0.47 per cent lower at 59,279.39, while the broader NSE Nifty declined by 77.30 points, or 0.43 per cent, to 17,702.70.

(With inputs from PTI)

• India