Indian rupee slides against UAE dirham on rising crude prices

Indian rupee slides against UAE dirham on rising crude prices

Dubai: Indian rupee slipped to 20.36 against the UAE dirham on Wednesday morning following a decline of the currency against the US dollar by 15 paise to 74.70. The rupee's decline against the dirham is a reflection of the decline of the Indian currency's fall against the US dollar ot which the UAE currency is pegged. Forex traders said firm American currency, rising crude oil prices and broad weakness in the domestic equity market also weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 74.60 against the dollar, then fell further to 74.70, registering a fall of 15 paise over its previous close. On Tuesday, the rupee had closed at 74.55 against the US dollar. The Indian rupee started on a weaker note this Wednesday against the greenback tracking broad dollar strength and weak regional risk appetite. Looking ahead the rupee is likely to remain under pressure on rising crude prices and relative strength of the dollar in the forex markets. Asian currencies have started weaker against the American currency this morning and could weigh on sentiments, the note added. Global oil benchmark Brent crude futures fell 0.03 per cent to $74.55 per barrel. On the