Rupee Weakens as Oil Prices Hold Gains Despite Ceasefire

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.