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Indian rupee inches up to 20.1 versus UAE dirham

Dubai - RBI's stimulus package strengthens currency amid Covid-19 crisis.

The Indian rupee opened slightly higher against the US dollar on Wednesday morning, as investors remained focused on the Reserve Bank of India (RBI) governor’s speech.

The rupee inched up five paise to 73.80 against the greenback (20.1 versus UAE dirham) in the early trade. On Tuesday, the rupee had settled at 73.85. The dollar index fell 0.09 per cent to 91.20.

Kshitij Purohit, Lead International Products & Commodities at CapitalVia Global Research, said the Indian central bank has been in the process of assessing the exact impact of the Covid-19 second wave.

RBI Governor Shaktikanta Das said India's Central Bank would continue to monitor the situation from the resurgence of Covid-19 cases and deploy all resources. ”We have to marshal our resources for fighting the virus with vigour,” he said.

The Governor also announced Rs500 billion priority lending by banks for hospitals and oxygen suppliers, among others, by March 31.

On Tuesday, a record 3,780 fresh Covid-19 deaths were registered in a single day in India, taking the overall toll to 226,188, while 382,315 fresh Covid-19 infections were recorded.

waheedabbas@khaleejtimes.com