The Indian rupee weakened by 8 paise to 83.95 against the U.S. dollar in early trading on Tuesday, August 27, 2024, influenced by high crude oil prices and a sluggish trend in domestic equities. According to The Hindu,the currency opened at 83.91 and further declined due to geopolitical tensions and rising Brent crude prices, which were trading above $80 per barrel.
Market analysts noted that the Reserve Bank of India (RBI) has been actively intervening to stabilize the rupee, which has helped increase forex reserves by nearly $5 billion. The dollar index, reflecting the greenback’s strength against a basket of currencies, also saw a slight rise to 100.89 points, further impacting the rupee’s performance.
