Rupee Weakens Amid Crude Oil Price Surge

The Indian rupee weakened against the US dollar on Friday, August 7, due to a surge in crude oil prices. The currency opened at 95.28 per dollar, reversing some of its previous session's recovery.

This decline snapped a brief rebound that had lifted the rupee from a one-month low breached earlier in the week. Brent crude's renewed climb weighed heavily on sentiment, traders said.

India imports over 80% of its oil requirements, making the rupee sensitive to global energy price swings. The currency has rebounded nearly 1.7% from recent lows, but Friday's opening suggested that this recovery may be running out of steam.