Indian Rupee Closes Weaker Against The U.S. Dollar

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Indian five hundred rupee banknotes arranged for photograph. (Photo: Vijay Sartape/BQ Prime)

The Indian rupee closed weaker against the U.S. dollar on Wednesday.

The local currency depreciated 33 paise to close at Rs 82.59 after opening at Rs 82.37 against the U.S. dollar on Wednesday.

It closed at 82.26 on Tuesday, according to Bloomberg data.

Reliance Securities expected the rupee to open around Rs 82.2900-82.3000 against the greenback, compared with Rs 82.2550 in the previous session

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"The trading range for the session is between Rs 82.15 and Rs 82.45," the brokerage said.

"The recent rise in crude oil prices added to pressure on the rupee," said Jateen Trivedi, VP Research Analyst at LKP Securities. "Market participants are now focused on upcoming unemployment and non-farm payrolls data later in the week. Until then, the rupee is expected to trade within the Rs 82.05-82.55 range."

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