The Indian rupee closed 23 paise weaker at 86.47, against the US dollar on Wednesday. The domestic currency opened flat at 86.07 against the US dollar.
It had closed at 86.24 a dollar on Tuesday, according to Bloomberg. The domestic currency opened 11 paise weaker against the US dollar on Wednesday, trading at 86.35.
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The Dollar-Rupee pair appreciated towards 86.30 on Tuesday, surrendering early gains as escalating Israel-Iran tensions hurt risk sentiment. Brent crude held near $76 on Wednesday, its highest since February, as the Israel-Iran conflict stoked supply disruption fears.
Markets remained on edge on Wednesday as geopolitical tensions escalated, with the Israel-Iran conflict intensifying and safe-haven flows driving the US dollar index steady near 98.7.
"While the Fed's decision remains the key event, central banks are also focusing on gold. A World Gold Council survey showed 95% expect global reserves to rise, with 43% planning to boost their own holdings," according to Ritesh Bhanshali, deputy chief executive officer of Mecklai Financial Service Ltd.
US President Donald Trump's demand for Iran's 'unconditional surrender' and possible US military involvement fuelled risk-off sentiment across markets, said Bhanshali.
"Market awaits the Federal Reserve's policy decision, widely expected to leave rates unchanged, though guidance will be key amid weak US retail sales and rising global risks," he added.
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