Currency Check: Indian rupee declines 16 paise to 94.89/$ in early trade — TradingView News
The Indian rupee opened lower on June 24, with the dollar at a more-than-one-year high on Federal Reserve rate hike expectations and safe-haven demand.
The rupee opened 16 paise lower at 94.89 against the US dollar on Wednesday, compared to Tuesday’s close of 94.73.
According to Finrex, the rupee is likely to open marginally weaker at 94.78 against the dollar, compared with the previous close, amid strength in the dollar index, which was hovering around 101.40. The firm greenback comes as the euro, pound and Japanese yen have failed to sustain gains above their previous day’s closing levels, supporting the recent uptrend in the dollar.
Finrex expects foreign inflows to pick up gradually, which could lend support to the rupee in the coming days. For the day, the brokerage expects the USD/INR pair to open slightly higher, recommending exporters use upticks to sell dollars, while importers may consider buying on dips towards the 94.20 level.
Asian currencies traded mostly lower against the US dollar on June 24, with the Thai baht emerging as the worst performer among major regional peers.
The Thai baht declined 0.36 percent from its previous close, followed by the China renminbi, which slipped 0.23 percent. The Philippine peso and South Korean won also weakened 0.20 percent and 0.19 percent, respectively, amid cautious sentiment in Asian markets.
The Malaysian ringgit fell 0.18 percent, while the Indonesian rupiah lost 0.09 percent. Losses were relatively limited in the Singapore dollar, Taiwan dollar and Japanese yen, which eased 0.05 percent, 0.05 percent and 0.04 percent, respectively.
Meanwhile, the U.S. dollar extended gains to reach a fresh 13-month high against a basket of major currencies on Wednesday as investors sought shelter from a tech stock sell-off and positioned for Fed rate hikes.
