The Indian Rupee opened 14 paise lower on May 7, at 94.75 per dollar against yesterday’s close of 94.61.
According to Finrex, exporters may continue to sell dollar on the upticks while importers may wait for 94 levels to start hedging their near term imports and 93.50 for imports due in June.
RBI and GOI surely want rupee to remain steady and not show consistent depreciation trend as RBI sold dollar yesterday at 95.18 levels, it added.
A steady rupee will invite FPIs to restart investment in the country which has been moving out in the last two years, it said furtehr.
Asian currencies traded on a mixed note against the US dollar, with most regional currencies witnessing gains from the previous close. The Philippines Peso emerged as the top performer, appreciating 0.761 percent, followed by the Taiwan Dollar, which gained 0.277 percent. The Malaysian Ringgit, China Renminbi, Indonesian Rupiah, and Japanese Yen also posted moderate gains of 0.258 percent, 0.236 percent, 0.213 percent, and 0.160 percent, respectively. Meanwhile, the Singapore Dollar edged up marginally by 0.032 percent.
On the other hand, the South Korean Won and Thai Baht weakened against the US dollar, declining 0.135 percent and 0.180 percent, respectively. The overall trend indicated a relatively positive sentiment across most Asian currencies during the session.
The dollar remained on the defensive on Thursday as hopes for a de-escalation in the Iran-U.S. war supported oil-exposed currencies, while Tokyo resumed its verbal intervention in support of the yen keeping speculators cautious.
