Indian rupee slips against UAE dirham in early trade

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The Indian rupee depreciated 6 paise to 82.24 against the US dollar in early trade on Monday, weighed down by the strength of the American currency.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency was negated by a firm trend in Indian equities and easing crude oil prices.

At the Indian interbank foreign exchange, the rupee opened weak at 82.22 against the dollar, then fell to 82.24, registering a decline of 6 paise over its last close.

On Friday, the rupee settled at 82.18 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 102.66.

Brent crude futures, the global oil benchmark, advanced 0.77 per cent to $73.60 per barrel.

"The dollar index rose to 102.71 levels, while Brent crude oil fell to $73.80 per barrel as risk aversion was the name of the game," Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP, said.

Bhansali further said investors now await WPI inflation and trade deficit data from India and European Industrial Production and US NYK Empire State Mfg Index data for further cues.

In the Indian equity market, the 30-share BSE Sensex was trading 140.28 points or 0.23 per cent higher at 62,168.18 points. The broader NSE Nifty advanced 25.25 points or 0.14 per cent to 18,340.05 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 10.14 billion, according to exchange data.

(With inputs from PTI)