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UAE: Indian rupee steady against dirham, unable to sustain opening rally on corporate dollar demand

Asian shares and currencies rose, while the dollar index slipped below 100 to a fresh 15-month low as expectations of the Federal Reserve pausing interest rate hikes firmed up

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Reuters file photo

By Reuters

Published: Fri 14 Jul 2023, 10:43 AM

Last updated: Fri 14 Jul 2023, 7:31 PM

The Indian rupee was trading little changed on Friday as corporate dollar demand pushed the currency off the day's highs.

The South Asian currency was trading at 82.0625 against the dollar (22.36 against the UAE dirham) at 9.04am, UAE time — compared with 82.0725 (22.363 against the UAE dirham) in the previous session.

[Editor's Note: For real-time forex rates, click widget below or visit KT's dedicated Trading News page here.]

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The currency had hit a near two-week high of 81.94 in early trades, and is on course to log its best week in over four months.

"Interestingly, the rupee has disregarded the trend of the dollar index and remains relatively stable," said a trader with a private bank.

That has largely to do with expectations that the Reserve Bank of India will cap the rupee's upside above 81.80, importer hedging and speculators staying at bay, the trader said.

Unless the rupee appreciates above 81.80 convincingly, "we can expect a rangebound market," he added.

Asian shares and currencies rose, while the dollar index slipped below 100 to a fresh 15-month low as expectations of the Federal Reserve pausing interest rate hikes firmed up.

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Reuters

Published: Fri 14 Jul 2023, 10:43 AM

Last updated: Fri 14 Jul 2023, 7:31 PM

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