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Rupee weakens against US dollar in early trade on Wednesday

22 Jul 2026 Evaluate
The Indian rupee weakened against the US dollar in early trade on Wednesday, pressured by elevated crude oil prices and persistent geopolitical tensions. Demand for the American currency increased as a safe-haven currency following US President Donald Trump's dismissal of immediate talks with Iran and warnings of further retaliation against Red Sea shipping disruptions. Moreover, RBI’s measures to attract overseas deposits have generated significant foreign currency inflows, boosted market confidence and provided support to the rupee. Meanwhile, Foreign Institutional Investors (FIIs) purchased equities worth Rs 1,650.16 crore on Tuesday, exchange data showed.

The partially convertible currency is currently trading at 96.45, weaker by 20 paise from its previous close of 96.25 on Tuesday. The currency touched a high and low of 96.4650 and 96.2550 respectively.

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