Rupee Weakens as Crude Oil Prices Rise

The Indian rupee opened weaker against the US dollar on September 24, trading at 95.83 per dollar, down from Wednesday's close of 95.74.

This pressure is attributed to a rise in crude oil prices and a stronger US dollar, which has been influenced by stronger-than-expected US purchasing managers' data reviving concerns over inflation and higher US interest rates.

Brent crude prices have moved back above the $100-per-barrel mark, putting pressure on the rupee as India imports a large share of its crude oil requirement.

The Reserve Bank of India (RBI) has been intervening to limit volatility in the currency, with RBI Deputy Governor Poonam Gupta saying there was a case for the rupee to stabilise and potentially appreciate from current levels.