Rupee Closes Weaker Against US Dollar

The Indian Rupee declined 39 paise to close at 84.83 against the US Dollar on Wednesday, according to Bloomberg data amid escalating war tensions between India-Pakistan in Kashmir and ahead of the Fed Reserve policy meeting. The local currency had weakened 18 paise at 84.62 at open.

On Tuesday, the currency declined three paise to open at 84.28 and emerged 19 paise weaker to close at 84.44, after a strong close on Monday at 84.25 a dollar.

Brent Crude levels saw some recovery, with the global benchmark strengthening approximately 0.4% to trade at almost $62.5 a barrel. Whereas, dollar traded stable with a 0.24% increase at 99.30 on Wednesday, as of 3:20 p.m.