Currency Check: Rupee opens 33 paise higher as cooling oil prices weigh on dollar — TradingView News
The Indian rupee opened higher on June 9, aided by cooling oil prices following a pause in Iran-Israel hostilities, which in turn pressured the dollar.
Indian rupee opened 33 paise higher at 95.48 per dollar on Tuesday against Monday’s close of 95.71.
The rupee fell yesterday on account of the NDF positions getting liquidated by the RBI apart from oil and FPIs buying $ whose selling yesterday amounted to Rs. 5500 crores, according to Finrex.
Following the RBI’s recent circular, Finrex expects the rupee to open near 95.40 against the US dollar and trade in the 95.00–95.85 range. The brokerage believes the RBI is likely to support the currency around the 95.80 level, while dollar demand from oil companies and FPIs could emerge on any decline in the greenback.
Finrex advised exporters to continue hedging and selling dollars around the 95.75–95.80 levels, while importers may consider buying on dips closer to the 95.00 mark.
Asian currencies were trading mostly higher against the US dollar, with the South Korean Won emerging as the strongest performer, appreciating 0.346% from the previous close.
The Malaysian Ringgit also recorded a notable gain of 0.167% and the Chinese Renminbi advanced 0.072%. However, Philippine Peso (+0.049%), Thai Baht (+0.040%), Taiwan Dollar (+0.041%), and Singapore Dollar (+0.023%) posted modest gains
On the other hand, the Japanese Yen slipped marginally by 0.044%, while Indonesian Rupiah declined 0.836%.
The U.S. dollar held near a two-month high on Tuesday, firming against most major peers as Middle East uncertainty curbed risk appetite and traders ramped up bets on a Federal Reserve rate hike later this year.
Among major currencies, The euro stood at $1.1528 and the sterling fetched $1.3335, both down roughly 0.05% so far in Asia after hitting their two-month lows in the previous session.
The risk-sensitive Australian dollar was down 0.1% at $0.7039, and the New Zealand dollar traded at $0.5804.
The Japanese yen weakened to as much as 160.295, continuing to hover around the 160 level widely seen as a line in the sand for potential official intervention.
