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Indian rupee depreciates against UAE dirham

On Wednesday, the rupee settled at 82.68 against the dollar

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by

A Staff Reporter

Published: Thu 25 May 2023, 9:21 AM

The Indian rupee depreciated 8 paise to 82.76 against the US dollar (22.55 versus the UAE dirham) in early trade on Thursday, weighed down by the strength of the American currency.

At the Indian interbank foreign exchange, the rupee opened at 82.76, registering a decline of 8 paise over its last close.

On Wednesday, the rupee settled at 82.68 against the dollar.

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The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 104.02.

“The US Dollar Index started flat to marginally stronger above the $104 levels Thursday morning in Asian trading supported by safe-haven demand," said Sriram Iyer, senior research analyst for commodities and currencies, Reliance Securities Limited.

The Chinese yuan continued to weaken further, and overall risk aversion will also restrict the upside for the local unit, Iyer added.

Brent crude futures, the global oil benchmark, fell 0.05 per cent to $78.32 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 27.21 points or 0.04 per cent lower at 61,746.57. The broader NSE Nifty declined 5.90 points or 0.03 per cent to 18,279.50.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs11.85 billion, according to exchange data.

(With inputs from PTI)

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A Staff Reporter

Published: Thu 25 May 2023, 9:21 AM

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