The rupee depreciated 13 paise to 94.81 against the US dollar in early trade on Wednesday, as rising global oil prices kept the currency under pressure.
Forex traders said elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets dented investor sentiment.
The focus has now shifted to the upcoming US Federal Reserve policy decision. While rates are expected to remain unchanged, the tone will carry more weight than the action, they said.
At the interbank foreign exchange market, the rupee opened at 94.79 against the US dollar, then lost some ground and touched 94.81 against the US dollar in initial trade, registering a fall of 13 paise over its previous close.
On Tuesday, the rupee depreciated 53 paise to close at 94.68 against the US dollar.
“The oil is above USD 111 with no resolution to the US-Iran crisis, although the unilateral ceasefire of the US continues and Iran also showing resilience, but the non-passage of ships from the Strait​The rupee depreciated 13 paise to 94.81 against the US dollar in early trade on Wednesday, as rising global oil prices kept the currency under pressure.
Forex traders said elevated crude oil prices and month-end dollar demand amid a broader shift toward safe-haven assets dented investor sentiment.
The focus has now shifted to the upcoming US Federal Reserve policy decision. While rates are expected to remain unchanged, the tone will carry more weight than the action, they said.
At the interbank foreign exchange market, the rupee opened at 94.79 against the US dollar, then lost some ground and touched 94.81 against the US dollar in initial trade, registering a fall of 13 paise over its previous close.
On Tuesday, the rupee depreciated 53 paise to close at 94.68 against the US dollar.
“The oil is above USD 111 with no resolution to the US-Iran crisis, although the unilateral ceasefire of the US continues and Iran also showing resilience, but the non-passage of ships from the Strait ​Latest News [ SOBAN NEWS: International and National ]
