In the opening trade on Wednesday, the Indian rupee appreciates 74.68 against the US Dollar, that is, 20.34 against the UAE Dirham, owing to the strong support by Indian equities and the weak US currency.
At the Indian interbank foreign exchange, the rupee opened at 74.7 against the dollar and then inched higher to quote 74.68, registering a rise from the last close.
On Tuesday, the Indian rupee had settled at 74.74 against the dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.11 percent lower at 95.53.
The Indian rupee started flat to marginally stronger this Wednesday morning in early trades tracking a fall in crude oil prices, Sriram Iyer, senior research analyst at Reliance Securities said, adding that markets could remain choppy ahead of the Reserve Bank of India’s MPC decision on Thursday.
On the Indian equity market front, the 30-share Sensex was trading 483.59 points, or 0.84 percent, higher at 52,292 points. While the broad NSE Nifty advanced 150.55 points or 0.87 percent to 17,417 points.
Oil prices rose 0.46 percent to $91.2 per barrel.
Apart from this, Iyer stressed that the Indian currency could also increase further in the global as well as Indian capital markets which seem to be trading higher since Wednesday morning.