Indian rupee drops against UAE dirham in early trade amid elevated crude oil prices

The Indian rupee depreciated 4 paise to 83.15 against the US dollar (23.1 against UAE dirham) in the morning session on Monday, amid elevated crude oil prices and dollar demand from importers.

Forex traders said the rupee is trading in a narrow range as the support from positive domestic equities was negated by foreign fund outflows.

At the interbank foreign exchange, the rupee opened at 83.14 against the dollar, then fell to 83.15, registering a decline of 4 paise from its previous close.

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• Indian rupee changed little tracking mostly subdued Asian peers