The Indian rupee closed stronger against the US dollar on Wednesday after the Reserve Bank of India's monetary policy committee kept repo rates unchanged.
The local currency closed 7 paise stronger at 87.73 against the greenback compared to previous close at 87.80. The rupee opened 8 paise stronger at 87.72, according to Bloomberg data.
The ongoing friction between the US and India on trade and energy is likely to keep the rupee volatile and under pressure, said Jateen Trivedi, VP research analyst - commodity and currency, LKP Securities.
Brent oil prices fell to a one-month low to $67.99 per barrel, with risks of sanctions against Russian crude buyers in focus. "The US may hit all such buyers like India and China with tariffs," Anil Bhansali, executive director at Finrex Treasury Advisors LLP, said.
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