Indian Rupee Weakens Against The U.S. Dollar

The Indian Rupee weakened against the U.S. dollar on Wednesday.

The local currency weakened about seven paise to close at Rs 82.99 against the U.S dollar on Wednesday after opening at Rs 82.92, according to Bloomberg data.

Reliance Securities expected the rupee to open around Rs 82.83–82.85 against the dollar, compared with Rs 82.92 in the previous session. The currency is likely to trade between Rs 82.75 and Rs 83.15 today, the brokerage said.

"The OPEC monthly report, scheduled for release today evening, will provide insights into the production and demand outlook for global crude oil markets. Given recent statements from OPEC about production cuts, it is likely that this report will support crude oil prices in the near term, potentially keeping the rupee pressured on any rise near Rs 82.80 level," Jateen Trivedi, vice president, research analyst at LKP Securities said.