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Forex Market: Indian rupee opens flat against US dollar, UAE dirham

Mumbai: The Indian rupee opened flat against the US dollar and the UAE dirham in early trade on Wednesday. Sustained foreign fund outflows, crude oil prices hovering above $83 per barre and increased month-end demand of the American currency weighed upon the Indian currency.

At the interbank foreign exchange, the local currency opened at 82.90 and then inched up to trade at the previous day’s closing level of 82.89 against the US dollar. It is trading at Dh22.58 against the UAE dirham.¬† On Tuesday, the Indian rupee settled 1 paisa lower at 82.89 against the US dollar.

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The dollar index, which gauges the US dollar’s strength against a basket of six currencies, was 0.09 per cent higher at 103.92. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Tuesday as they sold shares worth Rs 1,509.16 crore.

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