The Indian rupee was trading in a narrow range against the UAE dirham in early trade on Wednesday, amid a muted trend in domestic equities.
Forex traders said the rupee was trading in a narrow range as sustained foreign fund outflows weighed on investor sentiments.
At the interbank foreign exchange, the domestic unit opened at 83.31(Dh22.7) against the dollar and then touched a high of 83.30, and a low of 83.32 against the greenback.
Asian stocks backed away from 2-1/2-month high on Wednesday and the dollar found support as investors’ tempered some of their earlier enthusiasm about the prospect of an end to U.S. rate hikes.
MSCI’s broadest index of Asia-Pacific shares outside Japan has gained more than 3% since a week ago and hit its highest since September on Tuesday. But it fell 0.2% in early trade on Wednesday. Japan’s Nikkei rose 0.5%.
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