Indian rupee drops against UAE dirham, weighed down by stronger dollar, subdued equity markets

The Indian rupee depreciated by 3 paise to 82.70 against the US dollar (22.53 against the UAE dirham) in early trade on Wednesday, tracking a strong American currency against major rivals overseas and subdued sentiments in equity markets.

Forex traders said the crude oil trading below $75 per barrel and inflows of foreign funds failed to support the Indian currency.

At the Indian interbank foreign exchange, the rupee opened weak at 82.71 against the dollar. The currency hit the lowest level of 82.73 and touched the peak of 82.68 before trading at 82.70, a fall of 3 paise over its previous close.