Indian rupee inches higher against UAE dirham

Indian rupee inches higher against UAE dirham

Retail inflation declined to a 25-month low of 4.25% in May mainly on account of softening prices of food and fuel items

Published: Tue 13 Jun 2023, 9:48 AM

The Indian rupee gained 3 paise to 82.40 against the US dollar (22.45 against the UAE dirham) in early trade on Tuesday supported by positive macroeconomic data and a firm trend in the Indian equities.

The rupee is trading in a narrow range against the American currency as investors are awaiting cues from the release of US inflation data that could influence the Federal Open Market Committee (FOMC) policy stance.

At the Indian interbank foreign exchange, the rupee opened at 82.42 against the dollar and then rose to 82.40, registering a gain of 3 paise over its previous close.

In the initial trade, the rupee touched a low of 82.46 against the American currency. On Monday, the rupee closed at 82.43 against the US currency.

On the macroeconomic front, retail inflation declined to a 25-month low of 4.25 per cent in May mainly on account of softening prices of food and fuel items.

India's industrial production growth rose to 4.2 per cent in April from 1.7 per cent in March 2023, mainly due to good performance by the