Indian rupee slips on month-end dollar demand

The Indian rupee closed slightly weaker on Wednesday due to month-end importer dollar demand, but gains in local equities and improved risk sentiment following a fragile truce between Iran and Israel helped offset the pressure.

The rupee ended the day at 86.0775 against the US dollar, a decrease of 0.1 per cent compared to its previous close of 85.9750.

Traders said the currency reached a high of 85.8075 earlier in the day but changed direction due to corporate dollar demand.

The dollar index increased by 0.1 per cent to 98.1, and Asian currencies were trading with varying results. Brent crude oil futures saw a 1 per cent increase, reaching $67.8 per barrel.

Attribution: Reuters
Subediting: M. S. Salama