Due to the US dollar’s decline versus its main international competitors and the influx of foreign capital into the local capital markets, the rupee strengthened Indian rupee 4 paise to 82.87 (Dh22.5) against the US dollar in early trade on Monday. The UAE’s currency is fixed against the US dollar.
Although an increase in the price of crude oil weighed down the local currency, the rupee was supported by a good atmosphere in the equity markets, according to FX traders.
The local currency gained 4 paise from its previous closing at the interbank foreign exchange, where it opened at 82.86 and then dropped to trade at 82.87 versus the US dollar.
