Noida, July 8 (APAC Media): The Indian rupee declined 20 paise to 95.16 against the US dollar in early trade on Wednesday, weighed down by a stronger greenback overseas and higher crude oil prices.
The domestic currency opened lower in the interbank foreign exchange market and traded at 95.16 against the US dollar, compared with its previous close.
Forex traders said renewed demand for the US dollar from importers, firm global crude oil prices and cautious market sentiment put pressure on the local currency. They added that investors remained watchful of global developments, including movements in US Treasury yields and geopolitical tensions, which continued to influence emerging market currencies.
Meanwhile, the US dollar remained firm against a basket of major currencies, while crude oil prices traded higher in international markets, raising concerns over India’s import costs.
Market participants are expected to monitor global economic data, foreign fund flows and crude oil price movements for further cues on the rupee’s direction.
The rupee had ended higher in the previous trading session before giving up gains in early trade on Wednesday amid fresh global headwinds.
–ENDS–
Disclaimer: Views expressed are those of experts and do not reflect APAC Media. This is for informational purposes only, not financial advice. We are not responsible for investment decisions. Please consult a qualified financial advisor before investing.
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