Indian rupee recovers after falling to record low against UAE dirham

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The Indian rupee recovered from its record low on Thursday and appreciated 13 paise to 78.90 against the US dollar (21.5 versus the UAE dirham).

At the Indian interbank foreign exchange, the rupee opened at 78.92 against the American dollar. In initial trade, the local currency witnessed a high of 78.90 and a low of 78.94 against the US dollar.

In the previous session, the rupee had closed at its all-time low of 79.03 against the US dollar. According to Sriram Iyer, senior research analyst at Reliance Securities, the range for the rupee today is 78.65-79.05.

“Asian currencies have started mixed, but currencies could remain under pressure after Fed Chair Jerome Powell said there is a risk the US central bank's interest rate hikes will slow the economy considerably,” Iyer said.

On the Indian equity market front, the 30-share Sensex was trading 337.14 points or 0.64 per cent higher at 53,364.11, while the broader NSE Nifty advanced 84 points or 0.53 per cent to 15,883.10.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.07 per cent to 105.03. Global oil benchmark Brent crude futures rose 0.07 per cent to $116.34 per barrel.

(With inputs from PTI)