Indian rupee little changed this week as oil-fueled declines wipe out early gains

The Indian rupee finished Friday at 94.9400 per US dollar, down 0.1% on the day, after losing 0.4% in the previous session. It had opened slightly stronger at 94.79 before sliding to 94.9725, and ended the week little changed despite a 1.4% rise the week before.

Business Recorder reported that higher oil prices weighed on the currency, with Brent near $114 a barrel after reaching a more than five-month peak. Concerns about supply disruptions, inflation and the cost of imported energy offset brief support from reduced expectations of US rate hikes and currency-supporting flows linked to Jio Platforms’ IPO and recent RBI measures. Traders also pointed to increased dollar buying by importers.