Rupee weakens 11 paise to 95.49 against dollar; stronger greenback and crude prices weigh on currency
Key Takeaways
- •The rupee opened 11 paise lower at 95.49 against the US dollar.
- •A stronger US dollar contributed to pressure on the Indian currency.
- •Higher crude oil prices also weighed on the rupee because India imports much of its oil.
- •The possibility of a Federal Reserve rate hike added to the currency's weakness.
- •The report said near-term pressure on the rupee could continue as traders track US monetary policy and energy prices.
Rupee weakens 11 paise to 95.49 against dollar; stronger greenback and crude prices weigh on currency
The Indian rupee opened 11 paise lower at 95.49 against the US dollar, pressured by a stronger dollar and higher crude oil prices. The possibility of a Federal Reserve rate hike also weighed on the currency.
The move comes at a time when a firmer greenback has kept emerging-market currencies under pressure, while elevated crude prices matter for India because the country relies heavily on imported oil. That combination can add to near-term pressure on the rupee as traders track US monetary policy and energy costs closely.
The article was published by CNBC-TV18 Markets. The report was filed by Anshul, who is listed on the outlet’s site and X account, @anshul91_m.
Related coverage on CNBC-TV18 includes: Fed chair Kevin Warsh signals rate hike if inflation fails to cool towards 2 pc target.
