Rupee Opens Lower as Dollar Index Rises Amid Fed Hike Bets

The Indian rupee opened lower against the US dollar on August 31, weighed down by concerns over a Federal Reserve rate hike and high oil prices. The rupee started trading at 95.48 per dollar, 10 paise lower than its previous close of 95.38.

According to Finrex, the rupee is expected to remain in a tight range between 95.25 and 95.75, with exporters likely to sell near 95.60 levels and importers looking to buy any dips in the currency.

The dollar index rose to 99.66, contributing to the downward pressure on the rupee. Asian currencies were mixed, with the Indonesian Rupiah gaining 0.29% and the Japanese Yen rising 0.09%, but most others fell against the US dollar.