The rupee closed weaker against the dollar on Tuesday after prices of crude oil advanced amid the Houthis' attacks on commercial ships.
The current had opened at Rs 83.11 compared to Rs 83.06 in the previous day. It closed 13 paise lower at 83.19 against the dollar, according to Bloomberg data.
"The Fed's officials' forecasts of rate cuts put further pressure on the US dollar," Kunal Sodhani, vice president of Shinhan Bank, said. "However, comments after the meeting suggested that rate cuts are still far away."
"Brent bounced back. For USDINR, 82.95 acts as a support, while 83.25 a resistance," Sodhani said.
The minor weakness observed in capital markets and profit booking after a rapid rally from 83.30 to 82.92 contributed to this downward movement, according to Jateen Trivedi, vice president of research at LKP Securities. "Despite this, the short-term trend for the rupee looks positive, with the dollar index showing broad weakness and a positive money flow into Indian capital markets."
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