Rupee Opens Lower Amid Dollar Weakness and Oil Price Stability, opens 8 paise lower ₹85.48

The Indian rupee opened 8 paise lower at ₹85.48 against the US dollar on Tuesday, snapping a two-day winning streak. The domestic currency had closed at ₹85.40 on Monday. So far in 2025, the rupee has depreciated by 0.3%. 

Dollar Index Weakens Amid US Debt Concerns

The US dollar index, which measures the greenback against a basket of six major currencies, was trading 0.06% lower at 100.36. The decline follows a ratings downgrade of US debt by Moody's Ratings, citing concerns over the country's fiscal outlook. 

Crude Oil Prices Remain Stable

Brent crude prices were down 0.37% to $65.30 per barrel, while West Texas Intermediate (WTI) crude prices were marginally up 0.05% at $62.72. The stability in oil prices comes amid ongoing geopolitical developments, including discussions between the US and Russia regarding the Ukraine conflict.

Outlook for the Rupee

Market participants expect the rupee to trade in a range of ₹85.00 to ₹85.80 in the near term. Factors influencing this outlook include the trajectory of the US dollar, global oil prices, and foreign institutional investor flows into Indian markets. 

The rupee's performance against other major currencies has varied, with a depreciation of 6.83% against the euro and 5.44% against the pound so far this year. This divergence reflects the strengthening of these currencies against the US dollar during the same period.