YPO UAE hosts exclusive event with Feroc Luxury at Dubai Opera
business2 days ago
The Indian rupee traded in a narrow range and appreciated by 1 paise to 82.62 against the US dollar (22.51 against the UAE dirham) in early trade on Thursday amid a positive trend in the domestic equity market.
The outflow of foreign funds and relatively higher crude prices weighed on the South Asian currency, according to forex traders.
It was trading at 82.65 to the dollar (22.52 against dirham) at around 9.45am, UAE time
[Editor's Note: For real-time forex rates, click the widget below or visit KT's dedicated Trading News page here.]
Investors are also awaiting the GDP data for the first quarter of the current fiscal year which will be released later in the day.
Experts said they were expecting a dip as the South Asian currency has not been able to hold onto its opening gains in each of the last three sessions. It dropped to 82.80 on Wednesday.
Based on the recent price action and the modest moves on Asian currencies, "it will be no surprise" if the Indian rupee struggles after the opening gains, a forex trader at a Mumbai-based bank said.
Asian currencies were up 0.1 per cent to 0.2 per cent after the dollar index fell for the third straight day on Wednesday to reach a two-week low.
The dollar index dropped to near 103 and US Treasury retreated after weaker-than-expected growth and labour market data lowered expectations that the Federal Reserve will raise interest rates further.
ALSO READ:
YPO UAE hosts exclusive event with Feroc Luxury at Dubai Opera
business2 days ago
The advanced air mobility devices are powered by electric motors, aligning with UAE's sustainability goals and reducing carbon footprint
business2 days ago
Considerations are at an early stage and Blackstone may still decide against pursuing a deal, a report said
business4 days ago
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business4 days ago
Companies had select sellers which hurt smaller players, reports find
business4 days ago
The CBUAE explained that banks' capital and reserves do not include subordinated borrowings/deposits, but do include the current year's profits
business4 days ago
Common queries highlight a broader need for clarity and understanding
business4 days ago
Northern emirate has announced several investor-friendly measures
business5 days ago