Indian rupee slips against UAE dirham in early trade

Indian rupee slips against UAE dirham in early trade

Currency was trading in a narrow range as the strength of dollar was negated by a firm trend in Indian equities and easing crude oil prices

Published: Mon 15 May 2023, 9:24 AM

The Indian rupee depreciated 6 paise to 82.24 against the US dollar in early trade on Monday, weighed down by the strength of the American currency.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency was negated by a firm trend in Indian equities and easing crude oil prices.

At the Indian interbank foreign exchange, the rupee opened weak at 82.22 against the dollar, then fell to 82.24, registering a decline of 6 paise over its last close.

On Friday, the rupee settled at 82.18 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 102.66.

Brent crude futures, the global oil benchmark, advanced 0.77 per cent to $73.60 per barrel.

"The dollar index rose to 102.71 levels, while Brent crude oil fell to $73.80 per barrel as risk aversion was the name of the game," Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP, said.

Bhansali further said investors now await WPI inflation