A new fall has been observed in the value of the Indian rupee against the UAE Dirham. Due to a stronger dollar abroad and persistent foreign investment outflows, the Indian rupee lost six pence in opening trade on Thursday, falling to a new low of 83.06 against the US dollar (22.63 against the UAE dirham).
The rupee also suffered from a sell-off in Indian stocks and risk-averse attitudes, according to forex traders. The Indian rupee depreciated against the dollar at the interbank foreign exchange, starting out weakly at 83.05, then falling another 6 paise to reach 83.06.
In early trades, the rupee also reached a high of 83.07. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs4.53 billion on Wednesday, making them net sellers in the capital markets.
The rupee fell 60 paise to conclude the previous session on Wednesday at 83 versus the dollar. The dollar index, which measures the strength of the dollar against a basket of six different currencies, increased by 0.7% to 113.06.
The benchmark for world oil, Brent crude futures, fell 0.17 percent to $92.25 a barrel. The 30-share BSE Sensex was down 140.09 points, or 0.24 percent, at 58,967.10 on the Indian stock market.
The larger NSE Nifty also declined, down 43.95 points, or 0.25 percent, to 17,468.30.
