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Forex

Rupee Weakens Amid Crude Price Hike and Dollar Demand

Guavy AI Editorial Team
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USD
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The Indian rupee weakened to 95.74 against the US dollar in early trade on Monday, pressured by higher crude oil prices and increased demand for dollars from importers.

The currency opened at 95.74 against the dollar, compared with its previous close of 95.70. The rise in crude oil prices has put additional pressure on the rupee as India faces a higher import bill due to energy imports.

The Brent crude futures were trading 0.73% higher at USD 68.16 a barrel, while US West Texas Intermediate crude was up 0.79% at USD 64.44 a barrel. The Reserve Bank of India's intervention in the foreign exchange market is being closely watched by market participants.

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