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Indian rupee inches higher against UAE dirham

Forex traders said sustained foreign fund outflows weighed on the rupee and restricted the appreciation bias

Published: Wed 1 Mar 2023, 8:53 AM

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The Indian rupee gained 22 paise to 82.36 against the US dollar (22.44 versus the UAE dirham) in early trade on Wednesday, amid a positive trend in the Indian equity market.

Forex traders said sustained foreign fund outflows weighed on the rupee and restricted the appreciation bias.

At the Indian interbank foreign exchange, the rupee opened at 82.48 against the dollar, then gained ground and rose to 82.36, registering a rise of 22 paise over its previous close.

On Tuesday, the rupee closed at 82.58 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.02 per cent to 104.84.

Brent crude futures, the global oil benchmark, advanced 1.75 per cent to $83.89 per barrel.

In the Indian equity market, the 30-share BSE Sensex rose 202.36 points or 0.34 per cent to 59,164.48 points. The broader NSE Nifty advanced 60.80 points or 0.35 per cent to 17,364.75 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs45.59 billion, according to exchange data.

(With inputs from PTI)

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