Mumbai, Apr 29 (BNP): The Indian rupee traded weaker in early session on Wednesday, declining 13 paise to 94.81 against the US dollar, as higher global crude oil prices and persistent dollar demand weighed on market sentiment.
The currency opened at 94.79 in the interbank foreign exchange market and slipped further to 94.81 in initial deals, reflecting continued pressure from external factors.
Forex market participants said rising crude oil prices have increased import-related concerns, while month-end dollar demand and a cautious global risk environment have added to the pressure on emerging market currencies, including the rupee.
Traders also pointed to global developments, noting that investors are closely watching the upcoming US Federal Reserve policy decision. While no change in interest rates is widely expected, market attention remains focused on the central bank’s commentary for cues on future direction.
Overall, sustained strength in crude oil prices and global uncertainty continue to influence short-term movement in the rupee, keeping it under mild pressure.
