Indian rupee goes against UAE Dhiram, which also hits the global equity markets
The Indian rupee appreciated six paise to 74.68 against the US dollar (20.34 versus the UAE dirham) in the opening trade on Wednesday, supported by firm Indian equities and weak American currency.
At the Indian interbank foreign exchange, the rupee opened at 74.7 against the dollar and then inched higher to quote 74.68, registering a rise of six paise from the last close.
On Tuesday, the Indian rupee had settled at 74.74 against the dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 per cent lower at 95.53.
The Indian rupee started flat to marginally stronger this Wednesday morning in early trades tracking a fall in crude oil prices, Sriram Iyer, senior research analyst at Reliance Securities said, adding that markets could remain choppy ahead of the Reserve Bank of India’s MPC decision on Thursday.
