The rupee gained against the dollar on Wednesday, snapping a four-session losing streak, buoyed by a recovery in domestic stocks after a five-day losing run, but the dollar's reign is likely to limit the currency's relief rally.
Crude oil prices fell on Tuesday by nearly $1 per barrel as the dollar strengthened to a two-year high, even as supply concerns remain after Libya shut its oil fields due to political protests.
The Indian crude oil basket price remained high at $106.03 per barrel on April 18, 2022, at an exchange rate of Rs 76.37 against the dollar, according to the Petroleum Planning and Analysis Cell report on Tuesday.
The rupee weakened again early on Tuesday as the dollar firmed to a near two-year high driven by expectations of the Federal Reserve's aggressive interest rate hike trajectory to tame soaring inflation.
The rupee weakened on Tuesday, marking the fourth straight session of losses as the dollar reigns supreme on expectations of the Federal Reserve's aggressive interest rate hike path to control runaway inflation.