INR weakens to 20.36 against UAE dirham

DUBAI. The Indian rupee depreciated 9 paise - to 20.36 - against the UAE dirham around 13:00 (UAE time) yesterday.

At the interbank foreign exchange, the rupee opened at 74.77 against the dollar, then inched higher to 74.80, registering a rise of 26 paise over its previous close.

On Wednesday, the Indian rupee dropped to its lowest level since April. The currency ended at 74.85 per dollar, after touching 74.9875 — its lowest since April 23. It had closed at 74.4450 on Tuesday.

Forex traders said market participants remain cautious ahead of the important RBI policy statement that is expected to be released today. The central bank’s rate-setting panel started its three-day deliberations on the next bi-monthly monetary policy on Wednesday, amid rising global commodity prices and the need to check inflation.