The rupee weakened against the dollar on the first trading day of the new financial year after crude oil prices jumped following a surprise production cut by Opec+ — a grouping comprising major petroleum producers, including Saudi Arabia and Russia.
The Indian unit opened weaker at 82.47 versus the dollar, against the previous close of 82.18; it recovered later as the dollar index declined. The rupee closed the day at 82.33 to a dollar, 15 paisa lower than the previous close.
“The Indian currency was under pressure due to surging oil prices but recovered subsequently as the dollar index fell from a high of 102.90 to 102.45,” said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors.
