Indian rupee slightly up against UAE dirham

Indian rupee slightly up against UAE dirham

A fall in the crude prices could aid sentiments, but most Asian and emerging market peers were weaker on Thursday morning

Published: Thu 13 Oct 2022, 9:10 AM

The Indian rupee was trading in a narrow range against the US dollar in opening trade on Thursday, tracking a muted trend in the Indian equities amid weak macroeconomic data.

At the Indian interbank foreign exchange, the rupee witnessed range-bound trading in early deals.

It opened at 82.30 against the US dollar (22.42 versus the UAE dirham), then rose to 82.29, registering a gain of 4 paise over the last close.

It was moving in a tight range of 82.25 to 82.34 in the morning trade.

On Wednesday, the rupee fell by 12 paise to close at 82.33 against the US dollar.

The rupee started with small gains ahead of US CPI data that could aid investors to evaluate the size of rate hikes that the Fed is likely to deliver this year, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

A fall in the crude prices could aid sentiments, but most Asian and emerging market peers were weaker this Thursday morning as the FOMC minutes revealed that the Fed will continue its aggressive monetary policy stance and will