Currency Check: Rupee opens higher at 95.33/dollar; Asian peers trade mostly higher — TradingView News

The Indian rupee opened on positive note on July 7, supported by the rise in most Asian currencies, though traders say the currency’s underlying bias has weakened markedly in recent sessions.

The rupee opened higher at 95.33 against the US dollar on Tuesday, against Friday’s close of 95.40.

According to Finrex, the Indian rupee is likely to open around 95.35 against the US dollar, supported by a weaker dollar index, which has slipped below the 101 mark. The domestic currency is expected to trade in the 95.20–95.70 range during the session, with gains in Asian currencies also lending support.

Finrex said the rupee could also benefit from Saudi Arabia’s decision to slash its official selling prices for crude oil to Asia by $1.10 a barrel, marking the steepest cut in 26 years.

The advisory expects exporters to utilise levels around 95.50 to sell dollars, as the dollar index may struggle to sustain current levels if US inflation continues to ease. Importers, meanwhile, are advised to buy on dips to hedge their near-term payment obligations.

Asian currencies traded mixed against the US dollar in early trade on July 7. The Indonesian rupiah emerged as the worst performer, declining 0.18 percent, followed by the Chinese renminbi, which slipped 0.20 percent. The Thai baht also weakened 0.14 percent, while the Taiwan dollar fell 0.08 percent. The South Korean won and Japanese yen were largely flat, trading lower by 0.02 percent and 0.01 percent, respectively.

On the other hand, the Philippine peso outperformed its regional peers, gaining 0.11 percent. The Malaysian ringgit rose 0.09 percent, while the Singapore dollar edged up 0.03 percent against the greenback.

Meanwhile, the dollar was on shaky ground as investors continued to pare back expectations of U.S. rate hikes this year following an underwhelming jobs report that came in far below expectations.

Against a basket of currencies, the dollar was last at 100.86.

The yen weakened anew on Tuesday as traders grew emboldened to push the currency lower with no sign yet of intervention by Japanese authorities, though the risk of a surprise yen-buying move by Tokyo kept losses in check.

The yen struggled on the weaker side of 162 per dollar in early Asia trade and languished near its lowest level against the British pound since 2007 at 217.09, having slid to a new low overnight.