Indian rupee recovers, rises to 20.5 versus dirham

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The Indian rupee recovered on Wednesday, gaining 26 paise to 75.26 against the US dollar (20.5 versus the UAE dirham) in opening trade on Wednesday, supported by positive macroeconomic data and a rally in the Indian equity market.

Besides, lower crude prices and a weak American currency in overseas markets boosted the rupee, analysts said.

At the Indian interbank foreign exchange, the rupee opened strong at 75.29 against the US dollar, then rose further to 75.26, registering a gain of 26 paise over the last close.

In initial deals, the rupee also touched a high of 75.25 against the American currency.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.18 per cent to 94.35.

Global oil benchmark Brent crude futures declined 0.16 per cent to $83.29 per barrel.

On the Indian equity market front, the 30-share Sensex was trading 302.33 points or 0.50 per cent higher at 60,586.64, while the broader NSE Nifty surged 114.75 points or 0.64 per cent to 18,106.70.

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