Rupee Weakens as Oil Prices Hold Gains Despite Ceasefire

The Indian rupee is set to weaken as oil prices hold gains despite a ceasefire extension. The central bank continues to intervene to support the currency.

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The Indian rupee is expected to face continued pressure on Wednesday as a persistent upward trend in oil prices counteracts recent geopolitical developments. Market participants in India expect the currency to open between 93.55 and 93.60 against the dollar, following a session where it slipped 0.4% to close at 93.50. This decline occurred after the central bank partially rolled back measures intended to support the currency.

A woman in Delhi, India, displays a 500-rupee note, highlighting the local currency's recent volatility. REUTERS/Bhawika Chhabra/File Photo
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