The Indian rupee opened flat against the US dollar on April 27, amid importer hedging demand spurred by stubbornly high oil prices, which are impacting other flows.
The domestic currency opened flat at 94.23 against the US dollar from its Friday’s close of 94.25.
The currency tumbled 1.42% last week, marking its worst weekly performance in three-and-a-half years.
According to Finrex, the rupee was indicating a flat opening as dollar Index fell, despite no talks between the two warring countries. The rupee remains vulnerable to lower levels as buyers of $ continue to do so while RBI keeps a tab over the fall in rupee value.
Exporters are again getting chance for partly hedging their receivables while importers need to wait for hedging while they continue to buy the dips.
Today there is no significant data from any of the countries while we await for the FOMC and other major central Bank meeting starting with BoJ from tomorrow, Finrex added.
Most Asian currencies advanced in early Monday trading, with the Thai baht being the only exception. The Indonesian rupiah led the gains, followed by the Taiwan dollar, Malaysian ringgit, South Korean Won and Philippine peso.
The dollar slipped following an Axios report that Iran has offered a new proposal to reopen the Strait of Hormuz.
