Indian rupee opens at ₹96.17 as US inflation slows
Business
The Indian rupee opened a bit stronger at ₹96.17 per US dollar on Wednesday, up from ₹96.20 last session.
This small boost came after US inflation slowed down in June, making it less likely that the Federal Reserve will hike interest rates soon, a move that usually puts pressure on global currencies like the rupee.
Rising oil near $86 pressures rupee
While softer US inflation is helping, rising oil prices (hovering near $86 a barrel) are keeping things tricky for the rupee.
Higher oil costs mean Indian importers need more dollars, which can weaken the currency further.
As Amit Pabari, managing director at CR Forex Advisors, put it, the currency pair could face more upside pressure.