Rupee Weakens Against Dollar Amid FII Outflows and Crude Oil Disruptions

The Indian rupee weakened against the US dollar in early trade on Friday, falling by 10 paise to 95.55 due to Foreign Institutional Investor (FII) outflows and disruptions in global crude oil supplies.

Forex traders cited a marginally weaker greenback as one factor that prevented a steeper decline in the rupee, although Brent crude prices dropped below $90 per barrel.

Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, predicted that the rupee will remain within a narrow range of 95.40 to 95.60, with the RBI protecting the upper end.

Market participants are keeping an eye on US Fed Chair Kevin Warsh's speech at the Jackson Hole Symposium, which could influence market sentiment.