Tue, Nov 05, 2024 | Jumada al-Awwal 3, 1446 | DXB ktweather icon0°C

Indian rupee gains against UAE dirham, helped by early trends in state elections

On Wednesday, the rupee had appreciated 38 paise to close at 76.62 against the US dollar.

Published: Thu 10 Mar 2022, 10:05 AM

Top Stories

PTI file

PTI file

The Indian rupee advanced 42 paise to 76.20 against the US dollar (20.76 versus the UAE dirham) in the opening trade on Thursday, supported by positive Indian equities and early trends in state election results.

At the Indian interbank foreign exchange, the rupee opened at 76.27 against the US dollar, then gained momentum and touched 76.20, registering a gain of 42 paise from the previous close.


On Wednesday, the rupee had appreciated 38 paise to close at 76.62 against the US dollar following a retreat in crude oil prices and rebound in Indian stocks.

“The rupee opened on a strong note as the state election results are as per market expectations. Fighting in Ukraine is on a pause for the moment and risk-on sentiments continue for the moment,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

Counting of votes was underway on Thursday in five Indian states – Uttarakhand, Uttar Pradesh, Punjab, Goa and Manipur – where Assembly polls were held recently. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.16 per cent to 98.12.

ALSO READ:

Meanwhile, global oil benchmark Brent crude futures jumped 3.39 per cent to $114.91 per barrel. On the Indian equity market front, the 30-share Sensex was trading 1,361.07 points or 2.49 per cent higher at 56,008.40, while the broader NSE Nifty rose 368.40 points, or 2.25 per cent, to 16,713.75.

(with inputs from PTI)



Next Story