# Rupee weakens against dollar after OPEC+ supply cut, recovers later | News - Business Standard

> The rupee opened weaker at 82.47 per dollar on April 3 after Brent rose over 5% following OPEC+'s announced 1.16 million bpd production target cut. It recovered to close at 82.33 as the dollar index fell.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36665-rupee-weakens-against-dollar-after-opec-supply-cut-recovers-later-news-business
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

Higher crude prices raise India's import bill and pressure the rupee, while the OPEC+ cut lifts energy-linked costs across commodity markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +8.6% | +24.8% |
| BRENT | 2020-01-20 | [Rupee slips 4 paise to 71.12 against US dollar amid rising crude prices  - The HinduBusinessLine](https://feedsoft.ai/events/55371-rupee-slips-4-paise-to-71-12-against-us-dollar-amid-rising-crude-prices-the.md) | -6.9% | -11.0% |
| BRENT | 2022-02-28 | [Sterling falls vs dollar, rises against euro after Western sanctions on Russia \| Financial Post](https://feedsoft.ai/events/42940-sterling-falls-vs-dollar-rises-against-euro-after-western-sanctions-on-russia.md) | +23.1% | +23.8% |
| BRENT | 2024-12-03 | [Oil rises on fears about Lebanon, further OPEC+ supply cuts \| Reuters](https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters.md) | +0.8% | +3.2% |
| BRENT | 2020-01-03 | [Rupee today falls sharply against the US dollar: 5 things to know](https://feedsoft.ai/events/55370-rupee-today-falls-sharply-against-the-us-dollar-5-things-to-know.md) | -1.0% | -13.0% |
| WTI | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +13.5% | +26.0% |
| WTI | 2024-12-03 | [Oil rises on fears about Lebanon, further OPEC+ supply cuts \| Reuters](https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters.md) | +0.4% | +5.8% |
| WTI | 2024-11-03 | [OPEC+ Delays Supply Restart Again as Crude Prices Struggle - Bloomberg](https://feedsoft.ai/events/27302-opec-delays-supply-restart-again-as-crude-prices-struggle-bloomberg.md) | +1.3% | -2.1% |

## Sources

- business-standard.com: https://www.business-standard.com/finance/news/rupee-weakens-against-dollar-after-opec-supply-cut-recovers-later-123040300913_1.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.