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Forex

Rupee Closes at 94.97 Amid Strong Dollar Rally

Guavy AI Editorial Team
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USD
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The Indian rupee closed at 94.97 against the US dollar on Wednesday, recording a marginal loss of 2 paise.

This decline was due to the support from foreign capital inflows being negated by weak local equities and a strong US dollar.

RBI is keeping an eye on the rupee's fall as Brent crude prices have risen to $95 per barrel, and the dollar index is hovering around 99.80 due to renewed US-Iran tensions and risk aversion.

The market participants are expecting a hike in interest rates by the US Federal Reserve in September, which has pushed up US Treasury yields and triggered a broad dollar rally.

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