Indian Rupee Closes Flat Against US Dollar As Crude Prices Ease
The local currency opened little changed at Rs 83.49 against the greenback.
The Indian rupee closed flat against the US dollar on Tuesday amid a decline in prices of crude oil.
The local currency closed at Rs 83.49 against the greenback; it had opened at the same value, according to Bloomberg. It had closed at Rs 83.50 on Monday.
Brent crude was down 0.30% to $85.49 per barrel. Hurricane Beryl, which struck a key oil-producing hub in Texas, caused less damage than anticipated, easing supply fears.
Beryl, which slammed the Texas coast and deteriorated into a tropical storm, seemed to have little effect on the main refineries along the US Gulf Coast, although major ports were shut down. In addition to the hurricane, wildfires in Canada have started to threaten output, according to a Bloomberg report.
"Additionally, hopes of a possible cease-fire deal in Gaza rose, that could reduce worries about crude supply disruptions," Anil Bhansali, executive director of Finrex Treasury Advisors LLP, said.
