UAE: Indian rupee slips further against dirham in early trade

As the market opened on Thursday, the Indian rupee faced further depreciation against the UAE dirham, slipping to around Dh22.47 ($82.7), compared to the range of 22.43-22.44 on the previous day (Wednesday).

The rupee's recent decline comes after it experienced its most substantial single-day loss in almost two months on August 2. According to Economic Times, the depreciation was attributed to a combination of factors, including a weak risk appetite among investors and increased demand for the US dollar from importers.

The dollar hit a four-week top against its major peers on Thursday, shrugging off a U.S. credit rating downgrade that cast doubt on the country's fiscal outlook, and instead got a leg up from strong private payrolls data.

Data out on Wednesday showed U.S. private payrolls rose more than expected in July, boosting the dollar as it pointed to continued labour market resilience.

That pushed the Aussie to a two-month low in Asian trade and against the yen, the greenback hit its highest since July 7.

The euro fell 0.09% to $1.0928, while the U.S. dollar index scaled a four-week peak of 102.82, extending the previous session's 0.5% gain.

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