Indian rupee gains against UAE dirham in early trade

Indian rupee gains against UAE dirham in early trade

Forex traders say a positive trend in Indian equities, foreign fund inflows and crude oil prices below $80 a barrel supported the South Asian currency

Published: Thu 27 Apr 2023, 9:07 AM

The Indian rupee gained 8 paise to 81.66 against the US dollar (22.25 against the UAE dirham) in early trade on Thursday amid weak American currency in the overseas market.

Forex traders said a positive trend in Indian equities, foreign fund inflows and crude oil prices below $80 a barrel also supported the South Asian currency.

At the Indian interbank foreign exchange, the rupee opened at 81.69 against the dollar and then climbed to 81.66, registering a rise of 5 paise over its previous close.

On Wednesday, the rupee closed at 81.74 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 101.40.

Brent crude futures, the global oil benchmark, advanced 0.48 per cent to $78.06 per barrel.

"The rupee is expected to trade in the narrow range of 81.70-82.30 levels as mixed economic data and a fragile geo-political environment is likely to increase volatility, and following a risk-management policy would be suitable this time," said Amit Pabari, managing director, CR Forex