India rupee drops further against UAE dirham
Early on Monday, the Indian rupee lost 38 paise to hit 81.78 versus the US dollar (or 22.28 against the UAE dirham), following the muted trend in Indian equities and investors’ risk-off attitude.
The rupee also suffered from the rise in crude prices on the global market, according to traders.
The rupee depreciated 38 paise from its previous close to quote at 81.78 on the Indian interbank foreign exchange after starting out weakly versus the dollar at 81.65.
The dollar index, which gauges the strength of the dollar against a basket of six different currencies, decreased 0.04 percent to 112.08.
The benchmark for global oil, Brent crude futures, increased 2.77 percent to $87.50 a barrel.
The 30-share BSE Sensex was down 66.60 points, or 0.12%, at 57,360.32 on the Indian equity market, and the larger NSE Nifty was down 12.90 points, or 0.8%, at 17,081.45.
India rupee drops further against UAE dirham
Following two months of capital infusion, foreign investors once again turned sellers in September, withdrawing Rs76 billion from the Indian equity markets in response to the US Fed’s hawkish posture and the significant depreciation of the rupee.
In the month of June, India rupee at a record low against US dollar and UAE dirham. The currency tracks oil price rise, weak shares; at 21.19 vs Dh1, 77.81 against US dollar; Against the UAE dirham, the value of the Indian rupee was at 21.19 for a second straight day.
India rupee at a record low against US dollar, UAE dirham
The currency tracks oil price rise, weak shares; at 21.19 vs Dh1, 77.81 against US dollar; Against the UAE dirham, the value of the Indian rupee was at 21.19 for a second straight day. #IndianRupee pic.twitter.com/hpTQVSU8Mk
— Soundar C / சௌந்தர் செ (@soundarc2001) June 11, 2022
