Mumbai, Aug 21: The Indian rupee lost early gains due to positive crude oil prices and a positive US dollar index.
However, the rupee settled for the day lower by 18 paise at 87.25 against the US dollar.
The rupee opened on a positive note due to global risk appetite and easing tensions over trade tariffs and hopes of a truce between Russia and Ukraine.
The strength of the American currency in the overseas market and rising crude oil prices dented investor sentiments and restricted the upmove in the local unit.
The dollar index gained 0.02% to 98.23, while Brent crude was trading 0.90% higher at USD 67.44 per barrel in futures trade.
Traders are now focused on whether US Fed Chief Jerome Powell will push back against market expectations for a rate cut at the Jackson Hole Symposium on Friday.
The Indian rupee depreciated as bargain buying from importers, foreign fund outflows, and higher crude oil prices continued to weigh.
The spot USD-INR bias remains bullish support at 86.80 and resistance at 87.50. Stock markets advanced for the sixth consecutive day, with the Sensex and Nifty up by 33.20 points. (PTI)
