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Indian rupee steady against UAE dirham in early trade

Forex traders said the rupee is trading in a narrow range, as the broad strength of the greenback is restricting the appreciating bias

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A Staff Reporter

Published: Tue 23 May 2023, 9:54 AM

The Indian rupee gained 3 paise to 82.81 against the US dollar in early trade on Tuesday, supported by foreign fund inflows and a positive trend in the Indian equities.

Forex traders said the rupee is trading in a narrow range as the broad strength of the greenback is restricting the appreciating bias.

At the Indian interbank foreign exchange, the South Asian currency opened at 82.82 against the dollar and then rose to 82.81 (22.56 versus the UAE dirham), registering a gain of 3 paise over its previous close.

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On Monday, the rupee closed at 82.84 against the US currency.

Rupee is likely to trade in the 82.65-82.95 range with sideways price action, IFA Global Research Academy said in a research note, adding that the Reserve Bank of India is likely to continue supporting the currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 103.27. Brent crude futures, the global oil benchmark, advanced 0.36 per cent to $76.26 per barrel.

In the Indian equity market, the 30-share BSE Sensex advanced 217.53 points or 0.35 per cent to 62,181.21. The broader NSE Nifty fell 83.50 points or 0.46 per cent to 18,397.90.

Foreign Institutional Investors (FIIs) were net buyers in the capital market on Monday as they purchased shares worth Rs9.22 billion, according to exchange data.

(With inputs from PTI)

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A Staff Reporter

Published: Tue 23 May 2023, 9:54 AM

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