The Indian rupee opened 12 paise lower against the US dollar on Thursday following losses in other Asian currencies. The local unit opened at 82.07 a dollar as compared to the previous close of 81.95.
The offshore yuan dropped to 7.2186 to the dollar, a new year-to-date low and is now down, headed for its worst weekly performance since February. Compared to the 1.3% decline in the offshore yuan, the rupee is flat week-on-week, Reuters reported.
Other Asian currencies were down between 0.2% and 0.5%. The dollar index rose above 102.50 helped by the weak risk sentiment in Asia amid worries over China and hawkish central banks.
Meanwhile, the Bank of England raised rates by a bigger-than-expected half a percentage point to 5%. The US Federal Reserve Chair Jerome Powell also reiterated that more rate hikes were needed to tame sticky inflation.
Crude oil prices fell amid concerns over demand and looming rate rises in the US.
Brent futures slipped 0.67% to $73.64 a barrel, while US West Texas Intermediate (WTI) crude futures were down or 0.76% at $68.98.
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Updated: 23 Jun 2023, 09:13 AM IST