Mumbai: The Indian rupee opened weaker, depreciating by 15 paise to trade at ₹83.10 against the US dollar as the dollar index surged to new highs. Buoyed by strong US economic data and expectations of additional Federal Reserve rate hikes, the dollar’s rally has intensified pressure on emerging market currencies, including the rupee.
Traders attributed the rupee’s decline to a combination of sustained foreign fund outflows and rising crude oil prices, which have added to the strain. The surge in the dollar index, a key measure of the greenback’s strength against major global currencies, has further contributed to the rupee’s downward trajectory.
Market analysts anticipate that the Reserve Bank of India (RBI) may step in to curb excessive volatility and stabilize the currency. Despite the current dip, strong domestic fundamentals—such as robust export figures and steady capital inflows—are likely to provide a cushion against further depreciation.
With global markets keeping a close watch on the Federal Reserve’s monetary policy direction and other international developments, the rupee’s performance in the coming days will be critical for India’s economic outlook.
