ADVERTISEMENT

Indian Rupee Weakens Against Stronger US Dollar

The Indian rupee closed 7 paise weaker at Rs 83.60 against the US dollar on Monday.

<div class="paragraphs"><p>An Indian 2,000 rupee, bottom, and 500 rupee banknotes are arranged for a photograph. (Photographer: Brent Lewin/Bloomberg)</p></div>
An Indian 2,000 rupee, bottom, and 500 rupee banknotes are arranged for a photograph. (Photographer: Brent Lewin/Bloomberg)

The Indian rupee closed weaker on Monday, as the US dollar gained following the assassination attempt on former President Donald Trump.

The local currency closed 7 paise weaker at Rs 83.60; it had opened at Rs 83.54 against the greenback, according to Bloomberg. It had closed at Rs 83.53 on Friday.

The dollar was at 104.08, while Brent crude was trading at $85.10 per barrel.

India's retail inflation reached a four-month high in June, primarily due to a rise in vegetable prices, reaching 5.08%, up from 4.75% in May, according to data from the Ministry of Statistics and Programme Implementation, released on Friday.

Indian Rupee Weakens Against Stronger US Dollar
Opinion
India's CPI Inflation Hits Four-Month High, Exceeds 5% Mark Amid Vegetable Price Rise

"The Brent crude oil price fell to $85.12 as the dollar strengthened after the attack on Trump, while investors eyed the progress of talks for a Gaza ceasefire," said Anil Kumar Bhansali, head of Treasury and executive director of Finrex Treasury Advisors LLP.

The rupee may trade in a narrow range of Rs 83.48-83.58 as the RBI continues to protect the higher levels, Bhansali said.