The rupee started Wednesday on a weak note against the US dollar, giving up the gains it made in the previous session. The currency started the day at 95.15 in the interbank foreign exchange market and fell to 95.16 in early trade, down 20 paise from its previous close of 94.96 against the dollar.
On Tuesday, the rupee ended 47 paise stronger against the dollar.This decline came as crude oil prices rose in rupee terms again and the US dollar continued to rise after the new military action in which the United States and Iran participated. Apart from the rise in oil prices, forex traders said the weak opening on Dalal Street also led to a decline in the currency.Commenting on the currency movement, Anil Kumar Bhansali, Head of Treasury and CEO, Finrex Treasure Advisors LLP, said: “The rupee opened at 95.15 levels on Wednesday as the dollar index rose and Brent crude oil touched USD 76 levels with most Asian currencies also falling against the dollar.”The dollar index, which measures the US currency against a basket of six major currencies, rose 0.06 percent to 101.08. Meanwhile, Brent crude futures rose 2.55% to $76.05 per barrel after the United States launched new strikes on Iran following Tehran’s attack on three ships in the Strait of Hormuz.Bhansali also said that the US Energy Information Administration (EIA) expected the price of Brent crude to average $74 per barrel in the third quarter of 2026, which is $27 lower than the forecast issued last month.
Domestic stock markets reflected cautious sentiment. The BSE Sensex fell 537.83 points to 77,642.89 in early trade, while the NSE Nifty fell 163.55 points to 24,235.15.Meanwhile, foreign institutional investors remained net buyers on Tuesday, buying shares worth Rs 393.19 crore, according to exchange data.