The Indian Rupee is trading in a tight range against the UAE Dirham – News

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The dollar index rose 0.03% to 99.02



Agencies file

Published: Tue, 5 Apr 2022, 9:44 AM

The Indian rupee started on a flat note on Tuesday, tracking the strength of the dollar in the overseas market and high crude oil prices.

At the Indian Interbank Exchange, the Rupee opened at 75.54 against the US Dollar (20.58 against the UAE Dirham) and traded in a narrow range. It hit an early high of 75.47 in initial trades.

On Monday, the Rupee started the 2022-23 financial year on a bullish note.

It jumped 21 paise to close at a one-month high of 75.53 against the US dollar.

Meanwhile, global benchmark Brent crude oil futures rose 1.27% to $108.90 a barrel as geopolitical uncertainty related to the protracted conflict in Ukraine continued.

The dollar index, which measures the strength of the greenback against a basket of six currencies, rose 0.03% to 99.02 as the prospect of increased sanctions against Russia pushed investors towards the safety of the note. green.

On the Indian stock market front, the 30-stock Sensex traded 248.08 points or 0.41% lower at 60,363.66, while the broader NSE Nifty slipped 55.45 points, or 0. .31%, to 17,997.95.

“Oil back near 110 and a lower open for USD-INR at 75.45 indicates how much inflows into the system. Range 75.20 to 75.60 as we await the US Fed scheduled for Wednesday and MPC meeting decision on April 8,” said Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors.

Bhansali also noted that “the fighting in Ukraine appears to have died down for now, but it may flare up as the West continues to impose sanctions on Russia.”

(with PTI entries)

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