While this has sparked gains in most Asian currencies, the rupee has been a laggard amid strong local dollar demand and on likely absorption of inflows by the Reserve Bank of India, traders said.
Rupee Rate Today: The rupee closed at 83.1650 to the U.S. dollar, up from 83.3450 in the previous session. The currency posted its biggest rise in a single rise in nearly two weeks. The dollar index was at its lowest since July, and Asian currencies rose.
The rupee closed at 83.1650 to the U.S. dollar, up from 83.3450 in the previous session. The currency posted its biggest rise in a single rise in nearly two weeks. The dollar index was at its lowest since July, and Asian currencies rose.
The Indian rupee weakened on Wednesday as month-end dollar demand from oil companies pressured the local unit even as the dollar index fell to a 5-month low.
The Indian rupee weakened on Tuesday, despite gains in most other Asian peers, as dollar demand from importers, including local oil companies, eroded the impact of positive global cues.