Indian rupee declines towards UAE dirham in early commerce – Information


Foreign exchange merchants say a rebound within the crude oil costs will weigh on sentiments



Printed: Thu 7 Apr 2022, 10:05 AM

The Indian rupee declined 15 paise to 75.99 towards the US greenback (20.7 towards the UAE dirham) within the opening commerce on Thursday as hawkish stance of the US Federal Reserve affected investor sentiments in rising markets and bolstered the American forex.

Foreign exchange merchants mentioned most Asian and rising market friends have been buying and selling weaker towards the US greenback on Thursday morning whereas a rebound within the crude oil costs will weigh on sentiments.

On the Indian interbank international trade, the rupee opened decrease at 75.88 towards the US greenback, then slipped to 75.99, registering a decline of 15 paise over its earlier shut.

On Wednesday, the rupee tanked 55 paise, its steepest single-day fall in a month, to shut at a one-week low of 75.84 towards the US greenback.

The Indian rupee weakened towards the US forex as hawkish US Federal Reserve stance lifted the greenback and the US benchmark bond yields, Sriram Iyer, Senior Analysis Analyst at Reliance Securities, mentioned.

World oil benchmark Brent crude futures superior 1.51 per cent to $102.60 per barrel.

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In the meantime, the greenback index, which gauges the buck’s energy towards a basket of six currencies, slipped 0.05 per cent to 99.54.

“The US greenback has began marginally weaker this early Thursday morning in Asian commerce however draw back might stay capped after assembly minutes confirmed the Federal Reserve getting ready to maneuver aggressively to move off inflation,” Iyer mentioned.

Buyers will await cues from the RBI financial coverage assembly end result which will likely be introduced on April 8.

On the Indian fairness market entrance, the 30-share Sensex was buying and selling 369.19 factors or 0.62 per cent decrease at 59,241.22, whereas the broader NSE Nifty slipped 99.80 factors, or 0.56 per cent, to 17,707.85.

(With inputs from PTI)



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