Rupee opens 10 paise lower at 96.34 against US dollar
AI Summary
The Indian rupee opened weaker at 96.34 against the US dollar, influenced by rising crude oil prices due to military tensions between the US and Iran. Despite a strong gain in the previous session, the currency is expected to receive support from the Reserve Bank of India's interventions as it nears its record low of 96.96 per dollar.
The Indian rupee opened 10 paise weaker at 96.34 against the US dollar on Wednesday, 22 July, giving up part of the previous session's gains as a renewed rise in crude oil prices, triggered by fresh military exchanges between the United States and Iran, weighed on sentiment.
The currency had posted its strongest single-day gain in two weeks in the previous session, supported by robust inflows linked to a series of measures announced by the Reserve Bank of India (RBI) to bolster the rupee.
According to a Reuters report, traders said the RBI's repeated intervention around the 96.50 level, along with expectations that the central bank would intensify its support as the rupee approaches its record low of 96.96 per US dollar, has helped cushion the currency against sharper losses.
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