Indian Rupee Depreciates Against The U.S. Dollar

The Indian rupee weakened against the U.S. dollar on Wednesday on the back of higher oil prices, weak non-deliverable forwards, a steady greenback, and elevated U.S. treasury yields.

The local currency depreciated 5 paise to open at 82.24 against the greenback. It closed at 82.19 on Tuesday.

Rupee depreciated 15 paise to close at 82.34 against the greenback.

Weakness in emerging market currencies and month-end dollar demand from corporates and oil importers will weigh on sentiment, according to Reliance Securities.

"Supports for the dollar-rupee spot pair are at 82.15 and 82.08, while the resistances are at 82.32 and 82.46," Reliance Securities said.