In the opening trade on Wednesday, the Indian rupee appreciated 20.47 against the UAE dirham (75.14 against the US dollar) as the Russian-Ukraine geopolitical tensions ease out.
At the Indian interbank foreign exchange, the rupee opened at 75.24 against the American dollar and then inched higher to 75.14, recording a rise from the last close.
On Tuesday, the rupee snapped its five-session losing streak and surged to close at 75.32 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 0.06 percent higher at 96.04.
“The rupee opened stronger against the US dollar on Wednesday as tension de-escalated in Eastern Europe,” said Sriram Iyer, senior research analyst at Reliance Securities.
Crude and dollar were subdued on Wednesday and let support, Iyer said, adding that investors will look to retail sales data and US Federal Reserve minutes for further cues.
Adding to that, the crude oil prices are falling by 0.26 percent to $93.04 per barrel. Thus, on the Indian equity market front, the 30-share Sensex is currently trading 95.87 points or 0.15 percent lower at 58,056.18, while the broad NSE Nifty declined 14.10 points or 0.08 percent to 17,338.35.
