Indian Ruppee Depreciates During First Week Against UAE Dirham On Week’s First Trading Day

UAE Dirham

In early trade on Monday, the Indian rupee devalued 19 paise to 82.94 against the US dollar (22.6 versus tag UAE dirham), weighed down by a strong American currency and muted trend in the Indian equities.

The South Asian currency opened feeble at 82.87 among the dollar at the Indian interbank foreign exchange and then fell further to 82.94, recording a reduction of 19 paise over its last close. 

The rupee settled at 82.75 among the dollar in the previous session on Friday. 

UAE Dirham

The dollar index, which estimates the strength of the greenback among a basket of six currencies, jumped from 0.04 percent to 105.25.

Forex traders revealed that the Indian rupee devalued in weak markets with a favorable greenback. Bounceback in crude oil prices also weighed on the rupee. 

However, Brent crude futures, the global oil benchmark, reduced by 0.38 percent to 82.84 per barrel. 

In the Indian equity market, the 30-share BSE Sensex was trading 159.67 points or 0.27 percent lower at 59,300.22. The broader NSE Nifty reduced to 46.90 points or 0.27 percent to 17,418.90.

According to the exchange data, Foreign Institutional Investors (FIIs) were net vendors in the capital market on Friday, unloading shares worth Rs 14.7 billion.

Besides, the RBI also revealed on Friday that India’s forex reserves were reduced by $ 5,681 billion over the weekend on February 17. 

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