Rupee Weakens Against Dollar

The Indian rupee weakened against the US dollar by 5 paise on Monday.

The rupee closed at Rs 83.92, after opening unchanged at Rs 83.87 against the US dollar, according to Bloomberg data. It closed at Rs 83.87 on Friday.

"For the month of August, the rupee has slipped by around 0.17%, even as the dollar index experienced a notable correction. This stability is largely due to the RBI's active intervention, which has kept the rupee in a tight range," said Amit Pabari, managing director, CR Forex Advisors.

The rupee appears set to trade within its established range, having posted a modest 0.05% appreciation over the past week, he said.

Oil prices extended losses on Monday against a sharp drop in output from Libya and sluggish demand from China and US—the world's two biggest oil consumers—as indications emerged that OPEC+ plans to lift output starting in October, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.

International benchmark Brent crude oil price was trading 0.17% lower at $76.80 at 3:40 p.m. IST and the US Dollar Index was trading 0.05% lower at 101.64 at 3:41 p.m. IST.