Indian Rupee Recovers Against UAE Dirham In Early Trade
(MENAFN- Khaleej Times) Dollar index trades 0.17 per cent higher at 101.92 by A Staff Reporter
Published: Wed 1 Jun 2022, 9:37 AM
Recovering from its record low, the Indian rupee rose by 14 paise to 77.57 against the US dollar (21.13 versus the UAE dirham) in early trade on Wednesday.
At the Indian interbank foreign exchange, the rupee opened at 77.58 against the American dollar, then inched higher to quote at 77.57, registering a rise of 14 paise from the last close.
On Tuesday, the rupee declined by 17 paise to close at its all-time low of 77.71 against the US currency as surging US bond yields dampened the appeal of riskier assets.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent higher at 101.92.
Global oil benchmark Brent crude futures rose 0.96 per cent to $122.84 per barrel.
'The Indian GDP came as expected at 4.1 per cent, while the fiscal deficit for 2021-22 was at 6.7 per cent of GDP against the budgeted 6.9 per cent indicating a robust tax collection,' said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
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Bhansali further said that the range for the rupee is still between 77.40 and 77.80 with oil companies and foreign portfolio investors (FPI) standing at one end and the Reserve Bank of India (RBI) at the other end.
On the Indian equity market front, the 30-share Sensex was trading 118.94 points or 0.21 per cent higher at 55,685.35, while the broader NSE Nifty advanced 30.45 points or 0.18 per cent to 16,615.00.
(With inputs from PTI)
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