Indian Rupee Weakens Against The U.S. Dollar
Rupee weakened 15 paise to close at 82.33 against the greenback on Monday.
The Indian rupee depreciated against the U.S. dollar on Monday following the surge in oil prices after the surprise output cuts from OPEC and its allies.
The local currency weakened 28 paise to open at 82.46 against the greenback on Monday. It closed at 82.18 on Friday.
The rupee depreciated 15 paise to close at 82.33 against the greenback on Monday.
"A rise in oil prices directly affects the Indian economy, and a 10% hike in oil prices leads to an increase in India’s current account deficit by 0.3% to 0.5% of GDP," said Reliance Securities.
The weak start of Asian and emerging market currencies too weighed on sentiment, the brokerage said. In addition, Reserve Bank of India's policy decision on Thursday and the U.S. jobs report on Friday will act as "key triggers", according to the brokerage.
"Supports for the dollar-rupee spot pair are around 82.08 and 82.00, while the resistances are around 82.55 and 82.70," it said.
