Indian rupee gains against UAE dirham as dollar weakens

Indian rupee gains against UAE dirham as dollar weakens

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 102.59

Published: Tue 28 Mar 2023, 9:25 AM

The Indian rupee gained 15 paise to 82.16 against the US dollar (22.38 against the UAE dirham) in early trade on Tuesday as the weakness of the American currency and a positive trend in Indian equities strengthened investor sentiments.

At the Indian interbank foreign exchange, the South Asian currency opened at 82.20 against the dollar, then climbed to 82.16, registering a rise of 15 paise over its previous close.

On Monday, the rupee closed at 82.31 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.25 per cent to 102.59.

Brent crude futures, the global oil benchmark, declined 0.42 per cent to $77.79 per barrel.

“Indian rupee is likely to trade higher for the last few days of the financial year on the back of year-end flows which is keeping the broader range of 81.80-82.50,” said Amit Pabari, managing director, CR Forex Advisors.

“Furthermore, the rupee downside is capped due to the Fed's current liquidity injection programme and a strong willingness to support and halt any surge in the banking