Rest of Asia

NRI Alert: Indian rupee falls to 20 against UAE dirham in early trade

Staff report/Dubai
Filed on June 17, 2021

Dip on the back of the strengthening of the dollar following US Federal Reserve's hawkish statement

The Indian rupee slipped 33 paise to 73.65 against the US dollar (20.06 against the UAE dirham) in early trade on Thursday (June 17) amid the strengthening of the greenback in overseas markets.

The rupee started on a weaker note on Thursday against the greenback, as the US dollar surged higher after the Fed’s hawkish statement, Reliance Securities said in a research note.

Other Asian currencies also started weaker against the greenback on Thursday morning and could weigh on sentiments, the note said.

The US dollar boasted its strongest single day gain in 15 months after the Federal Reserve signalled it might raise interest rates at a much faster pace than assumed.

Edward Moya, a senior market analyst at OANDA, said the Fed was expected to be on hold, but they sent a clear message that they are ready to start talking about tapering, which means the dollar is ripe for a rebound and that should be a headwind for all commodities.

The Bombay Stock Exchange (BSE) Sensex was trading 105.7 points or 0.20 per cent lower at 52,396.28, while the broader NSE Nifty was down 33.55 points or 0.21 per cent at 15,734.00.

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