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Indian rupee rises against UAE dirham in morning trade

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The Indian rupee rose 33 paise to 81.77 per dollar (22.28 to the UAE dirham) in early trade on Monday, supported by continued foreign inflows and bullish momentum in Indian equities, with the benchmark index hitting an all-time high.

In the Indian interbank foreign exchange market, the rupee opened at 82.01 against the dollar before rising to 81.77, up 33 paise from the previous close.

On Friday, the rupee closed at 82.10 against the dollar.

Forex traders said the rupee traded positively on the back of strong foreign inflows and positive macroeconomic indicators.

Anil Kumar Bhansali, treasurer and executive director at Finrex Treasury Advisors LLP, said the rupee could trade between 81.90 and 82.20 on the day.

“The rupee looks set to stay within the aforementioned range as India’s macro data is much better than most other countries. GST data and core sector growth are better than expected,” Bhansali said.

Foreign portfolio investors (FPIs) injected Rs 4,714 crore into Indian equities in June, the highest inflow in 10 months.

Meanwhile, the U.S. dollar index , which measures the greenback’s strength against a basket of six currencies, rose 0.05% to 102.96.

Brent crude futures, the global oil benchmark, rose 0.07% to $75.46 a barrel.

Among Indian stocks, the 30-share BSE Sensex gained 385.17 points, or 0.60 percent, to hit an all-time high of 65,103.73. The broader NSE Nifty index also rose 112.35 points, or 0.59 percent, to a record high of 19,301.40.

Foreign institutional investors (FIIs) were net buyers in the capital market on Friday, buying stocks worth Rs 6,397 crore, according to exchange data.

(input from PTI)

Copyright © 2022 Khaleej Times. all rights reserved. Courtesy of SyndiGate Media Inc. (Syndigate.info).

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