Indian Rupee Weakens Against Stronger US Dollar

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.

"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.