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.
Rupee Rate: At the interbank foreign exchange, the domestic currency opened at 83.25 and traded in the range of 83.11 to 83.27 against the greenback during intra-day. The local unit finally settled at 83.16, registering a gain of 11 paise over its previous close.
The rupee s gains on Friday were aided by dollar sales from two large foreign banks, likely on behalf of custodian clients, a foreign exchange at a private bank said.
According to forex analysts, despite positive sentiment in the domestic equity markets and a weak American currency against major global currencies, the Indian unit was weighed down by the volatile crude oil prices.