Indian rupee gains against UAE dirham

Indian rupee gains against UAE dirham

The Indian rupee gained 7 paise to 82.40 against the US dollar (22.45 versus the UAE dirham) in early trade on Monday amid easing crude oil prices and a positive trend in the Indian equities.

At the Indian interbank foreign exchange, the rupee opened at 82.45 against the dollar, then rose to 82.40, registering a gain of 7 paise over its previous close.

On Friday, the rupee closed at 82.47 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 103.62.

Brent crude futures, the global oil benchmark, declined 1.12 per cent to $73.95 per barrel.

"A huge week is setting up on the macroeconomic front, with the Federal Reserve and the European Central Bank both scheduled to decide on interest rates and update on monetary policy amid persistent inflation," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors, said.

Bhansali further added that the rupee will continue to trade in the small range as the Reserve Bank of India is protecting one end and oil companies continue to buy US dollars at the other end.

In the Indian equity market, the 30-share BSE Sensex rose 77.32 points or 0.12 per cent