New Delhi; On Tuesday, the Indian rupee increased 13 paise to 72.83 against the dollar (19.84 vs UAE dirham), supported by a growth in the Indian equity exchanges, the vulnerability of the US currency, and a clear decline in fresh daily Covid-19 cases in the nation.
“The US dollar index has started on a weaker note in Asian trade as fresh insistence from Federal Reserve officials that policy would stay on hold allayed investor fears about inflation forcing interest rates higher,” the Reliance Securities said in an announcement on Tuesday. The US Dollar Index traces the greenback against a case of other currencies trimmed down 0.11 percent to 89.743 by 8.44 am UAE time. The Indian equity markets also opened on a powerful note with the 30-share BSE Sensex trading 171.84 points or 0.34 percent higher at 50,823.74. Meantime, the broader 50-share NSE Nifty progressed 67.40 points or 0.44 percent to 15,265.10.
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The drop in new Covid-19 cases also supported the Indian markets. On Tuesday, India recorded 196,427 fresh coronavirus cases over the last 24 hours, its lowest daily increase in infections since April 14. As many as 3,511 fresh fatalities were also reported.
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