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Indian rupee falls against UAE dirham – News

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Lower crude oil prices, firmer Asian currencies and positive sentiment in Indian stocks limited the currency’s losses, traders said


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published: Tuesday, March 21, 2023 at 9:30 am

The Indian rupee depreciated by 6 paise to 82.62 per dollar (22.5 to UAE dirham) in early trade on Tuesday amid a stronger dollar and mixed global signals.

Falling crude oil prices, firmer Asian currencies and positive sentiment in Indian equities limited the rupee’s losses, traders said.

In the Indian interbank foreign exchange market, the South Asian currency opened stronger against the dollar at 82.54. It was trading between 82.53 and 82.62, down 6 paise from the previous close.

On Monday, the rupee closed at 82.56 against the dollar.

“While there was higher volatility as we suspected, the 82.66 area that we had pegged as a key pivot was strong enough to disrupt upside momentum. We were back at 82.24 as support,” said Anand James, chief market strategist at Geojit Financial Services. A sideways range for a slight downtrend, but if 82.81 is reclaimed then expect the upside to gain momentum.

Meanwhile, the U.S. dollar index , which measures the greenback’s strength against a basket of six currencies, rose 0.07% to 103.36.

Brent crude futures, the global oil benchmark, fell 1.08% to $72.99 a barrel.

The 30-share BSE Sensex rose 199.45 points or 0.35 percent to 57,828.40, while the broader NSE Nifty gained 51.05 points or 0.30 percent to 17,039.85.

Investors traded cautiously ahead of the Federal Reserve’s interest rate decision on Wednesday, despite concerns about the health of the global banking system.

Foreign institutional investors (FII) emerged as net sellers in Indian capital markets on Monday, selling shares worth Rs 2,545 crore, according to exchange data.

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