Currency Check: Rupee opens flat at 95.34 per dollar; Asian peers trade mixed — TradingView News
The Indian rupee opened flat on June 19 at 94.34 against the US dollar on Friday, against previous close of 94.33.
According to Finrex, the Indian rupee is expected to open around 94.35 per U.S. dollar despite the Dollar Index (DXY) strengthening to 100.84. Persistent foreign inflows are likely to provide support to the domestic currency, with the rupee projected to trade within a range of 94.00–94.70 during the session.
Crude oil prices remained elevated near the $80 per barrel mark, recovering from recent lows of around $77, while most Asian currencies traded weaker against the greenback.
Finrex advises exporters to utilize any uptick in the dollar-rupee pair towards 94.70 to hedge their receivables by selling dollars. Importers, meanwhile, are recommended to take advantage of dips in the pair to hedge near-term payables.
Asian currencies traded mixed against the US dollar, with the Japanese Yen emerging as the strongest performer, appreciating 0.174%, followed by the South Korean Won, which gained 0.125%. The Singapore Dollar also edged higher by 0.008%, indicating stable market conditions.
On the weaker side, the Philippine Peso recorded the steepest decline, falling 0.323%, while the Indonesian Rupiah lost 0.180%. The Chinese Renminbi weakened 0.106%. The Taiwan Dollar slipped 0.028%, whereas the Thai Baht and Malaysian Ringgit remained largely flat, declining marginally by 0.009% and 0.007%, respectively.
Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, held at 100.82 after climbing to a one-year high on Thursday, supported by more hawkish rhetoric from new Fed Chair Kevin Warsh.
