The Indian rupee opened lower against the US dollar on April 24, extending the losing streak on fifth day, weighed down by a persistent rally in oil prices that has put the currency back under pressure after a brief respite.
The domestic currency opened 10 paise lower at 94.21 against the US dollar from its previous close of 94.11.
According to Finrex, the fall today looks imminent with oil prices higher which is the one important component of India’s trade deficit and increase in its prices will take rupee lower for sure with RBI supporting a particular level intra-day but overall allowing the fall to continue.
Exporters are getting better opportunities to sell since the last few days while importers had the similar opportunity before the RBI removed the curbs imposed on 1st April.
Finrex added that importers need to wait for buying dollars at the lower levels.
Asian currencies mostly declined in early Friday trading, led by losses in the Indonesian rupiah, followed by the Malaysian ringgit, Philippine peso, and South Korean won. In contrast, the Thai baht, Taiwan dollar, and Singapore dollar posted modest gains.
The dollar was on track for its first weekly gain in three weeks on Friday, as stalled peace negotiations between the U.S. and Iran dampened hopes for an immediate easing of Middle East tensions.
