Rupee Closes Weaker Against Dollar After Hitting Record Low
Rupee weakened by 14 paise against the Dollar. The currency closed at 85.86 against the greenback.
Rupee weakened by 14 paise against the US dollar on Wednesday. The domestic currency ended at 85.86 against the greenback. It had closed at 85.72 on Tuesday.
Rupee hit a record low of 85.846 against the dollar after opening at 85.82. The currency had strengthened by 4 paise against the dollar on Tuesday.
Dollar Index And Crude Oil
The dollar index followed the US yields as it moved higher on stronger US data, paring US rate cuts in 2025.
US Dollar Index stood at 108.90 and was 0.33% higher. While Brent crude was trading at $77.58, up 0.53%.
Brent crude rose today on tighter supplies from Russia and OPEC members, while data from US showed an unexpected increase in US job openings pointing to expanding economic activity and consequently growth in oil demand.
"Brent oil output from OPEC countries fell in December after two months of increase while Russia's oil output averaged below the country's target. US crude oil stocks fell last week and going forward average oil prices are going to be $76 per barrel in 2025 against an average of $80 in 2024 due to increase in production from non-OPEC countries," according to Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors LLP.
