Indian rupee starts new year flat against UAE dirham

Indian rupee starts new year flat against UAE dirham

The currency also touched an early high of 82.57 against the greenback in initial deals

Published: Mon 2 Jan 2023, 10:29 AM

The Indian rupee started the New Year on a flat note on the first trading session on Monday as rising oil prices and sustained foreign fund outflows weighed on investor sentiments.

Forex traders said the South Asian currency is trading in a narrow range as the support from firm Indian equities and weak American currency is negated by the gains in crude oil prices and sustained foreign fund outflows.

At the Indian interbank foreign exchange, the rupee opened weak at 82.66 (22.52 versus the UAE dirham), registering a decline of five paise from the last close.

The rupee also touched an early high of 82.57 against the greenback in initial deals.

On the last trading day of 2022, the rupee had settled at 82.61.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.30 per cent to 103.52.

Global oil benchmark Brent crude futures advanced by 2.94 per cent to $85.91 per barrel.

Sriram Iyer, senior research analyst at Reliance Securities said, the rupee started flat this Monday morning amid a lack of clues from the overseas markets. However, gains could