Currency Check: Rupee gains 18 paise at open as weak dollar lifts sentiment — TradingView News
The Indian rupee opened higher on July 3, helped by a broadly weaker dollar after a tepid U.S. jobs report pushed back market expectations for imminent rate hikes by the Federal Reserve.
The rupee opened with a gain of 18 paise at 95.21against the US dollar on Friday, compared to previous close of 95.39.
According to Firex, as dollar index fell to below 101 levels, the rupee also is expected to open stronger at 95.16 levels and move within a range of 94.80 to 95.50.
Unless the demand exceeds supply the rupee could gain back to 95.00 levels today after having fallen for three consecutive days. Exporters who could not sell earlier may cover their positions for July now while importers to keep buying the dips, it added.
Asian currencies traded on a mixed note against the US dollar, with the majority of regional currencies trading in positive territory.
The Malaysian Ringgit emerged as the top performer, appreciating 0.270%, followed by the Philippines Peso (+0.202%) and the Thai Baht (+0.178%). The Chinese Renminbi (+0.084%), Singapore Dollar (+0.054%), and Taiwan Dollar (+0.044%) also posted modest gains.
On the other hand, the South Korean Won declined 0.383%, registering the steepest loss among its regional peers, while the Indonesian Rupiah slipped 0.239% and the Japanese Yen edged lower by 0.074%.
Meanwhile, the US dollar was headed for its largest weekly decline in nearly three months, as softer economic data reinforced expectations of a more dovish Federal Reserve, lending support to bullion prices and providing relief to major currencies, including the Japanese yen.
