The Indian rupee opened lower on June 10, with a subdued risk environment dampening sentiment while steady dollar demand from equity outflows and importer payments keeps the currency under pressure.
Indian rupee opened 19 paise lower at 95.54 per dollar on Wednesday against Tuesday’s close of 95.35.
According to Finrex, the Indian rupee is expected to trade in the 94.75–95.75 range during the day. The brokerage expects exporters to step up dollar sales if the rupee weakens towards the 95.70 level, while importers are likely to utilize dips in the dollar to hedge their near-term payment obligations.
Asian currencies traded mixed against the US dollar, with the South Korean Won emerging as the top gainer, appreciating 0.73%, closely followed by the Indonesian Rupiah, which strengthened 0.72%. The Philippine Peso also posted gains of 0.22%, while the Chinese Renminbi advanced 0.14%.
On the other hand, the Taiwan Dollar was the worst performer among the tracked currencies, declining 0.16%. The Malaysian Ringgit slipped 0.14%, while the Thai Baht edged lower by 0.03%. The Japanese Yen and Singapore Dollar remained largely stable, with marginal declines of 0.01% each from their previous close.
In the currency market, the US dollar remained largely steady against major peers as investors assessed the implications of the latest Middle East developments and awaited key US inflation data for further clues on the Federal Reserve’s monetary policy trajectory.
Among major currencies, the Japanese yen drifted 0.03% lower against the greenback to 160.38 per dollar, continuing to hover around the 160 level widely seen as a line in the sand for potential official intervention.
The euro was down 0.05% at $1.1537 while sterling lost 0.04% to $1.337.
