Indian rupee declines in contrast to UAE dirham on Wed.
(MENAFN) On Wednesday, the Indian rupee fell 29 paise to 75.58 in contrast to the US dollar (20.59 in contrast to the UAE dirham) in the opening trade, following the support of the Dollar in the overseas market and a negative trend in Indian equities.
Forex traders stated the anticipations of rate increases by the US Fed to lead in decades-high inflation are as well keeping the dollar index buoyant, a main headwind for the Indian rupee.
At the Indian interbank foreign exchange, the rupee started low at 75.50 beside the US dollar, then fell to 75.58, recording a decrease of 29 paise over its last session.
On Tuesday, the rupee increased for three consecutive sessions and rose 24 paise to end at 75.29 in contradiction of the US dollar.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities “'The rupee is expected to weaken against the US currency tracking the overnight gains of the dollar as hawkish comments from Fed policymakers lifted the greenback.”
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