Indian rupee gains against UAE dirham in early trade

Indian rupee gains against UAE dirham in early trade

The rupee opened sharply up at 78.24 against the US dollar

Published: Mon 27 Jun 2022, 10:12 AM

The Indian rupee appreciated six paise to 78.27 against the US dollar (21.32 versus the UAE dirham) in opening trade on Monday as heavy buying in Indian equities and weakness in the greenback strengthened investor sentiment.

However, elevated crude prices and persistent foreign fund outflows restricted the rupee's gain, forex dealers said.

At the Indian interbank foreign exchange, the rupee opened sharply up at 78.24 against the US dollar, then inched lower to quote 78.27, registering a gain of 6 paise over the last close.

In the previous session, the rupee had closed at its all-time low of 78.33 against the US dollar.

On the Indian equity market front, the 30-share Sensex was trading 589.05 points or 1.12 per cent higher at 53,317.03, while the broader NSE Nifty advanced 179.65 points or 1.14 per cent to 15,878.90. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.14 per cent to 104.03.

Global oil benchmark Brent crude futures rose 0.57 per cent to $113.77 per barrel. Foreign institutional investors remained net sellers in the capital market on Friday as they offloaded shares worth