Indian rupee starts week on a weaker note against the UAE dirham

Forex traders said the rupee is likely to trade with a slight negative bias amid risk aversion in global markets

A Staff Reporter

Published: Mon 13 Feb 2023, 9:48 AM

The Indian rupee depreciated 17 paise to 82.75 against the US dollar (22.54 versus the UAE dirham) in early trade on Monday, weighed down by a strong American currency and a muted trend in Indian equities.

Firm crude oil prices further dented investor sentiments, forex traders said.

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At the Indian interbank foreign exchange, the rupee opened weak at 82.68 against the dollar, then fell to 82.75, registering a decline of 17 paise over its last close.

In the previous session on Friday, the rupee settled at 82.58 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15 per cent to 103.78.

Brent crude futures, the global oil benchmark, declined 0.83 per cent to $85.67 per barrel.

Forex traders said the rupee is likely to trade with a slight negative bias amid risk aversion in global markets.

Moreover, a sharp pullback in crude oil prices and a strong dollar on the hawkish tone of the Fed may also put pressure on the rupee.

In the equity market, the 30-share BSE Sensex was trading 187.1 points or 0.31 per cent lower at 60,495.60. The broader NSE Nifty declined 44.30 points or 0.25 per cent to 17,812.20.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs14.58 billion, according to exchange data.

(With inputs from PTI)

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