The Indian rupee closed weaker against the dollar on Wednesday amid elevated US bond yields and rising oil prices after US crude stockpiles reportedly shrank.
The local currency weakened by 3 paise to close at Rs 83.53. It had opened at Rs 83.52 against the greenback, according to Bloomberg. It had closed at Rs 83.50 on Tuesday.
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"Global factors such as the elevated US DXY around 105.50, the depreciation of the Yen and Yuan, and the rise in US bond yields have prevented the rupee from gaining significant strength and moving away from its multi-month low," said Amit Pabari, managing director of CR Forex Advisors.
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Brent crude was at $86.25 a barrel, while the US Dollar Index was at $105.65.
The American Petroleum Institute has reported that crude inventories shrank by 9.2 million barrels last week. If confirmed in official figures later on Wednesday, it will be the largest drop in barrel terms since January, according to Bloomberg.
The larger-than-expected draw in US crude stockpiles has raised hopes for steady fuel demand throughout the summer driving season in the US. Crude remains firm due to a potentially active hurricane season that has been predicted in the US.
"The narrow range could be 83.45 to 83.55 as bond inflows continue to keep rupees in a range amid dollar buying by oil companies and foreign portfolio investments," Anil Bhansali, executive director at Finrex Treasury Advisors LLP, said.
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