Rupee Opens Lower Against Dollar Amid Fed Rate Hike Concerns

The Indian rupee has opened lower against the US dollar on August 31, with concerns about a potential Federal Reserve rate hike and high oil prices contributing to its decline.

The rupee began trading at 95.48 per dollar, down 10 paise from Friday's close of 95.38. The dollar index rose to 99.66, which led to the rupee opening lower by about 19 paisa at 95.56 levels, according to Finrex.

Finrex predicts that the rupee will remain in a range of 95.25 to 95.75, with exporters likely to sell near 95.60 levels and importers looking to buy dips without any directional movement in currencies.

The rupee's performance is being closely watched alongside other Asian currencies against the US dollar. The Indonesian Rupiah rose 0.29%, while the Japanese Yen gained 0.09%. However, the South Korean Won slipped 0.04%, and the Philippines Peso declined 0.10%.