Indian Rupee Recovers From All-Time Low Against UAE Dirham – News

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Traders said high crude oil prices and continued foreign capital outflows were weighing on the local unit



Published: Wed 15 Jun 2022, 09:37

Last update: Wed 15 Jun 2022, 09:46

The Indian rupee edged up five paise to 77.99 against the US dollar (21.25 against the UAE dirham) when trading opened on Wednesday.

Forex traders said lackluster Indian markets, high crude oil prices and continued foreign capital outflows weighed on the local unit. On the Indian Interbank Exchange, the rupee opened at 77.99 against the dollar, registering a rise of 5 paise compared to its previous close.

On Tuesday, the rupiah closed at an all-time low of 78.04 against the US dollar.

Meanwhile, the dollar index, which gauges the strength of the greenback against a basket of six currencies, fell 0.28% to 105.21.

The Indian rupee opened flat against the dollar on Wednesday ahead of the U.S. Fed meeting outcome, said Sriram Iyer, senior research analyst at Reliance Securities.

Asian and emerging market peers started mixed, while equity futures started with small gains and could limit the USD/INR spot pair’s decline, Iyer noted.

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Global benchmark Brent crude oil futures rose 0.19% to $121.40 a barrel.

On the Indian stock market front, BSE Sensex traded down 47.1 points or 0.09% at 52,646.47, while the broader NSE Nifty was down 13.95 points or 0.09% at 15,718.15.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth 45.02 billion rupees, according to exchange data.

(With PTI entries)

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