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Tuesday, March 5, 2024

UAE: Indian Rupee Surges Early Against Dirham

The rupee gained 8 paise, reaching 83.16 against the US dollar (Dh22.65) in early Thursday trade. This rise was attributed to falling global crude oil prices and positive developments in the domestic stock market. However, the rupee’s trading range remained narrow due to consistent foreign fund outflows affecting investor sentiment.

In interbank foreign exchange, the rupee opened at 83.21 against the dollar, reaching an early high of 83.16, marking an 8 paise increase from the previous close.

Furthermore, India’s dominant services sector showed accelerated growth in September, fueled by robust demand. This trend has made businesses the most optimistic they’ve been in over nine years.

The S&P Global India Services Purchasing Managers’ Index (PMI) rose to 61.0 last month, surpassing expectations, and has remained above the 50-mark for growth for 26 consecutive months.

This positive outlook is favorable for India’s economy, which is expected to outperform as the fastest-growing major economy this fiscal year, despite the global economic slowdown. Pollyanna De Lima, economics associate director at S&P Global, noted that not only is domestic demand strong, but firms also reported increased international sales to Asia, Europe, and North America.

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