Indian rupee rises to 19.84 vs UAE dirham, as daily Covid cases dip to lowest since April 14
The rise in domestic equity markets and the weakness of the US dollar also strengthen the currency.
The Indian rupee gained 13 paise on Tuesday morning to 72.83 against the dollar (19.84 versus the UAE dirham), helped by a rise in the Indian equity markets, weakness of the US currency, and a sharp drop in new daily Covid-19 cases in the country.
“The US dollar index has started on a weaker note in Asian trade as fresh insistence from Federal Reserve officials that policy would stay on hold allayed investor fears about inflation forcing interest rates higher,” the Reliance Securities said in a note on Tuesday.
The US Dollar Index that tracks the greenback against a basket of other currencies edged down 0.11 per cent to 89.743 by 8.44 am UAE time.
The Indian equity markets also opened on a strong note with the 30-share BSE Sensex trading 171.84 points or 0.34 per cent higher at 50,823.74. Meanwhile, the broader 50-share NSE Nifty advanced 67.40 points or 0.44 per cent to 15,265.10.
The decline in new Covid-19 cases also helped the Indian markets.
On Tuesday, India reported 196,427 new coronavirus cases over the last 24 hours, its lowest daily rise in infections since April 14. As many as 3,511 fresh deaths were also reported.
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