The Indian rupee opened lower against the US dollar on April 22, amid renewed upward bias in oil prices despite US President Donald Trump extending the ceasefire with Iran indefinitely.
At 9:06 am, the domestic currency was trading at 93.69 against the US dollar, down 20 paise from its previous close of 93.12, extending the fall on the third consecutive session.
According to Finrex, the rupee is expected to trade in the range of 93 to 93.75 with markets looking expectantly to the ceasefire prospects from Iran while RBI keeps supporting the rupee.
Exporters may sell partly for their forwards at 93.75 while importers may wait for appropriate
levels below 93 to buy further for their payables, it added.
Oil prices turned lower on Wednesday after rising about $1 at the start of trade in Asia, with investors assessing the outlook for US-Iran peace talks following the extension of a ceasefire.
Asian currencies traded mixed on Wednesday, with the South Korean won and Singapore dollar rising 0.2% and 0.1% respectively, while the Japanese yen and Thai baht posted marginal gains.
On the other hand, the Philippine peso and Malaysian ringgit declined 0.2% and 0.1%, respectively, while the Taiwan dollar and Chinese renminbi edged lower.
The dollar steadied in early Asian trade on Wednesday, as skepticism over US President Donald Trump’s announcement of an indefinite extension of a ceasefire with Iran lifted demand for the safe-haven currency, pushing it to a one-week high.
