Currency Check: Rupee opens lower at 95.57 as oil surge on Iran-US tensions weighs — TradingView News
The Indian rupee opened lower on June 11, after a long-standing pressure point returns to the fore, with oil prices climbing after Iran and the United States traded strikes.
Indian rupee opened 30 paise lower at 95.57 per dollar on Thursday versus previous close of 95.27.
The US dollar is likely to remain well-supported at higher rupee levels as most Asian currencies traded weaker, even as European currencies strengthened against the greenback, according to Finrex.
The brokerage expects the USD/INR pair to remain largely range-bound with a slight negative bias toward the dollar. Exporters may utilise any uptick in the dollar to hedge and sell their receivables, while importers could use dips in the greenback to cover near-term payables. Finrex believes the upside in the USD/INR pair is currently capped at 95.80.
Asian currencies traded on a mixed note on Thursday, with the Indonesian Rupiah emerging as the top performer, appreciating 0.64 percent against the US dollar. The Thai Baht and Philippine Peso also edged higher, rising 0.09 percent and 0.06 percent, respectively, while the Japanese Yen was largely flat with a marginal gain of 0.01 percent.
On the downside, the South Korean Won was the worst-performing Asian currency, declining 0.35 percent against the greenback. The Malaysian Ringgit slipped 0…
In the currency market, the U.S. dollar wobbled on Thursday as new U.S. strikes in the Middle East undermined sentiment, while a surge in May U.S. consumer inflation to a three-year high kept investors uneasy about the Federal Reserve’s monetary policy outlook.
Among major currencies, the euro bought $1.1553, inching away from the 10-week low it hit last week, but has given up most of its gains since a ceasefire was struck in early April. The spotlight will be on the European Central Bank policy meeting later in the day as it looks poised to raise rates to tackle inflation.
Sterling was at $1.33905. The dollar index, which measures the U.S. currency against six major peers, eased to 99.903 after U.S. military said it has completed strikes against multiple targets in Iran.
