The Indian rupee opened with a marginal gains on June 29, with fresh U.S.-Iran hostilities having little impact on oil prices, risk appetite and Asian currencies.
The rupee opened 5paise higher at 94.35 against the US dollar on Monday, compared to Thursday’s close of 94.40.
According to Finrex, the Indian rupee is expected to open around 94.40 against the US dollar and trade in the range of 94.20–94.75 during the session. Despite the US and Iran agreeing to halt attacks and resume talks this week, market sentiment remains cautious, prompting investors to favour the US dollar while trimming exposure to other assets.
Exporters are likely to utilise any uptick towards the 94.75 level to increase dollar sales, while importers are expected to continue buying on dips, Finrex added.
Asian currencies traded mixed against the US dollar, reflecting cautious sentiment across regional markets. The Malaysian Ringgit emerged as the top performer, appreciating 0.289%, followed by the Indonesian Rupiah, which gained 0.117%. The Taiwan Dollar and Philippine Peso also posted modest gains of 0.038% and 0.026%, respectively.
On the other hand, the South Korean Won was the weakest currency in the region, declining 0.338% from the previous close. The Thai Baht also weakened by 0.126%, while the Chinese Renminbi, Singapore Dollar, and Japanese Yen recorded marginal losses of 0.044%, 0.039%, and 0.019%, respectively.
Meanwhile, a surging dollar has swept past chart resistance and is heading toward its sharpest monthly gain in almost a year on Thursday, as traders bet on a strong U.S. economy propping up short-term interest rates and waited on key inflation data.
