Indian rupee drops further against US Dollar and UAE dirham

india rupee vs us dollar

The Indian rupee devalued four paise to 82.64 against the US dollar (22.51 versus the UAE dirham) in early trade on Wednesday as a strengthening greenback overseas and risk-off emotion among investors ahead of the US Fed’s interest rate decision weighed on the rupee.

However, a firm trend in the Indian equities supported the South Asian currency, forex dealers said.

Indian Rupee opens flat

At the Indian interbank foreign exchange, the rupee opened flat at 82.60 against the dollar, then lost some ground to quote at 82.64, registering a decline of four paise over its previous close.

In early deals, the rupee was moving in a tight range of 82.60-82.65.

In the previous session on Tuesday, the rupee settled nine paise lower at 82.60 against the US dollar.

US Dollar index advances

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.11 percent to 104.09. Brent crude futures, the global oil benchmark, fell 0.33 percent to $80.41 per barrel.

The US inflation for November was recorded at 7.1 percent annually against an annual gain of 7.7 percent in October, triggering hopes that the US Federal Reserve might be less hawkish in raising interest rates.

(With inputs from PTI)


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