The Indian rupee closed weaker against the U.S. dollar on Tuesday due to higher demand for the greenback triggered by a surge in crude oil prices.
The local currency weakened 8 paise to close at 83.32 against the U.S dollar on Tuesday, after opening at Rs 83.27. It closed at 83.24 on Monday, according to Bloomberg data.
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Crude oil prices advanced after Iran deployed a warship to the Red Sea after the U.S. Navy destroyed three Houthi boats over the weekend.
"DXY faces challenges as the market bets on the dovish stance of the US Fed about the interest rate trajectory in early 2024. Eyes remain on the global manufacturing PMI data due today and FOMC minutes due tomorrow," said Kunal Sodhani, vice president of Shinhan Bank.
"For the dollar/rupee, Rs 83.10 will act as a support and Rs 83.35 as a resistance," he said.
"The rupee's fundamentals remain robust, providing no significant reason for it to dip below its all-time low. Nevertheless, it will be intriguing to observe how the rupee performs beyond the Rs 83.00 level, with the possibility of further appreciation towards the Rs 82.75-82.50 range in the short term," Amit Pabari, managing director at CR Forex said.
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