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27-07-22
Indian rupee downgrades in contrast to UAE dirham
(MENAFN) The Indian rupee lessened 10 paise to 79.88 in contradiction of the US dollar (21.76 against the UAE dirham) in opening trade on Wednesday following the strength of the greenback in the foreign market and stable crude oil costs.
At the Indian interbank foreign exchange, the rupee started at 79.83 in contrast to the US dollar, then declined to 79.88 compared to the greenback, recording a drop of 10 paise over the last session.
On Tuesday, the rupee had reached 79.78 compared to USD.
On the other hand, the dollar index, which scales the greenback’s strength compared to a basket of six currencies, decreased 0.16 per cent to 107.02.
Worldwide oil benchmark Brent crude futures went up by 0.13 per cent to USD104.54 a barrel.
Forex traders stated the overnight strength of the dollar, higher oil costs and month-end importers’ demand for the dollar might press on the rupee.
“Investors could refrain themselves from taking large positions ahead of monthly expiry and the US Fed decision in the evening,” according to Sriram Iyer, senior research analyst at Reliance Securities.
MENAFN27072022000045012476ID1104599778
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