UAE: Indian rupee inches higher against dirham

UAE: Indian rupee inches higher against dirham

The South Asian currency recently hit a low of 83.16 against the US dollar, from which it recovered primarily on the Reserve Bank of India's repeated intervention

By Web Desk Published: Wed 23 Aug 2023, 10:52 AM Last updated: Wed 23 Aug 2023, 11:05 AM

The Indian rupee appreciated by seven paise against the US dollar in early trade on Wednesday, amid a muted trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as investors remain cautious ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell's speech at Jackson Hole Symposium this week.

At the interbank foreign exchange, the South Asian currency opened at 83.02 (22.62 against the UAE dirham), then touched a high of 82.92 against the US dollar (22.59 against dirham), registering a rise of seven paise over its closing rate.

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The currency recently hit a low of 83.16, from which it recovered primarily on the Reserve Bank of India's (RBI) repeated intervention, both in non-deliverable forwards and on over-the-counter.

"The RBI looks quite committed to preventing a record low (for the rupee)," a forex trader at a