Rupee Weaks Against Dollar Amid Higher Crude Oil Prices

The Indian rupee weakened against the US dollar on Monday due to higher global crude oil prices and a firmer greenback. The currency slipped by 8 paise to trade at 95.25 against the US dollar in early trade, marking its first negative session of the week.

The rise in crude oil prices was led by Brent crude futures, which gained 0.91 percent to trade at USD 84.31 per barrel. The dollar index also rose 0.17 percent to 99.70, further putting pressure on the rupee.

However, foreign institutional investor (FII) inflows and India's stronger foreign exchange reserves helped limit the fall. According to RBI data, the country's foreign exchange reserves increased by $10.512 billion to $692.866 billion in the week ended July 31.