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Hotel occupancy rates at 80% were the highest in the region
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UAE: Indian rupee rises against dirham in early trade
The upside in the South Asian currency is expected to be capped by the ongoing nervousness about the India election outcome, which is prompting foreign outflows
The Indian rupee opened higher on Thursday after weak US retail sales and cooling US inflation made it more likely that the Federal Reserve will cut rates later this year.
The South Asian currency was trading at 83.44 against the US dollar (22.735 against the UAE dirham) around 8am, up from 83.50 (22.75) in the previous session.
US consumer prices increased less than expected in April, fuelling hopes that the Fed will reduce borrowing costs, most likely at the September meeting.
[Editor's Note: For real-time forex rates, click on the widget below or visit KT's dedicated Trading News page here.]
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