The Indian rupee ended down seven times against the US dollar on Wednesday, pressured by a stronger US currency abroad and surging crude oil prices. The local currency closed at 82.99 per dollar, up from 82.92 at the previous close.



The dollar index, which measures the greenback's strength against a basket of six currencies, rose 0.08% to 104.79.

On Tuesday, the rupee closed at 82.92 against the US currency.

“The Indian rupee lost value on Wednesday due to a strong dollar and rising global crude oil prices. However, positive domestic market and upbeat macroeconomic data from India tempered the decline,” said Anuj Choudhary, research analyst at Sharekhan by BNP Paribas.

The USD appreciated thanks to expectations that the Fed could raise interest rates again this year.

“We expect the rupee to show a slight negative bias due to the strengthening US dollar and rising crude oil prices. Risk aversion in global markets could also weigh on the rupee. However, the positive tone in the domestic market could support the rupee at lower levels. Traders may remain cautious ahead of US CPI data,” Choudhary said.


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