Indian Rupee Weakens on Corporate Dollar Demand, NDF Market Activity

The Indian Rupee closed weaker against the US dollar on Wednesday, driven by strong corporate dollar demand and maturing non-deliverable forward positions, despite an uptick in most other Asian currencies. The Reserve Bank of India's recent liquidity measures failed to significantly bolster market sentiment.

• Indian Rupee declined to 89.7850 per USD on Wednesday.
• Corporate dollar demand and NDF market activity pressured the Rupee.
• Rupee's weakness occurred despite gains in most Asian currencies.
• RBI's liquidity injection measures had limited impact on market sentiment.
• Foreign fund outflows and rising crude oil prices also contributed to the decline.

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