The Indian rupee opened weaker on Tuesday after the Brent crude oil price spiked to a two-month high on Monday.
The local currency depreciated 6 paise to open at Rs 83.50 against the greenback, according to Bloomberg. It closed at Rs 83.44 on Monday.
Brent crude oil price rose 0.23% to $86.80 per barrel as intensifying Hurricane Berylalong the Caribbean fueled concerns of supply disruption due to flooding rains.
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Although analysts have predicted that the storm is unlikely to impact US oil operations in the Gulf of Mexico, there is still a risk of disruption later this week, Bloomberg reported.
Such a severe storm this early in the year could be a signal of a serious hurricane season, which may halt offshore production or possibly interrupt refinery operations along the Gulf Coast, driving up crude prices, the report said.
Additionally, Reuters reported that the Organisation of the Petroleum Exporting Countries has cut production, driving oil prices higher. It has also announced that the rate cuts will extend well into 2025, surging demand.
OPEC+ will cut output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, according to Reuters.
"Brent oil prices rose to nearly two-month highs on expectations for rising fuel demand from the summer travel season and possible US interest rate cuts that could boost economic growth," said Anil Kumar Bhansali, Head of Treasury and Executive Director of Finrex Treasury Advisors LLP.
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