The Indian rupee weakened by 13 paise to 94.81 against the US dollar during early trading on Wednesday, pressured by a surge in global crude oil prices.
Forex market participants noted that higher oil prices, along with increased demand for the dollar at the end of the month and a general move toward safe-haven assets, weighed on market sentiment.
Attention is now turning to the upcoming US Federal Reserve policy announcement, where interest rates are likely to stay unchanged, but the central bank’s commentary is expected to play a more significant role in shaping market direction.