Indian rupee plunges against UAE dirham at start of the week

Indian rupee plunges against UAE dirham at start of the week

Brent crude futures, the global oil benchmark, advance 5.50 per cent to $84.28 per barrel

Published: Mon 3 Apr 2023, 9:59 AM

The Indian rupee depreciated 25 paise to 82.46 against the US dollar (22.46 versus the UAE dirham) in early trade on Monday, weighed down by firm crude oil prices and a negative trend in the Indian equities.

At the Indian interbank foreign exchange, the rupee opened weak at 82.44 against the dollar, then fell to 82.46, registering a decline of 25 paise over its last close.

On Friday, the rupee settled at 82.21 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.48 per cent to 102.99.

Brent crude futures, the global oil benchmark, advanced 5.50 per cent to $84.28 per barrel.

“Appreciation in rupee shall remain limited to 81.50-81.80 zone where an importer can target buying and upside shall, for now, remain protected towards 82.70-82.90 region for this week,” said Amit Pabari, managing director, CR Forex Advisors.

“With a holiday-shortened week, highlights would be the RBI policy due on April 6 and US payrolls due on April 7,” Pabari added.

The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April