Currency Watch: Rupee opens lower, extends fall on fourth day; Asian peers fall — TradingView News
The Indian rupee opened lower against the US dollar on April 23, amid pressured by oil climbing back above $100 a barrel, underscoring that the relief rally has run its course.
The domestic currency opened 21 paise lower at 94 against the US dollar from its previous close of 93.79, falling on fourth straight session.
According to Finrex, the Brent oil prices will put pressure on the rupee today as it opens near to 93.85 with RBI again allowing it to depreciate.
The pressure on rupee is obviously from the oil companies buying of $ as it needs to fulfill country’s daily needs for oil and other petroleum products as well as fertilizers requirements, it said further.
Finrex further noted that the rupee may expectantly touch 94 levels today as oil companies continuing buying $ for their daily requirements of about $ 500-600 million..
Asian currencies traded on a weaker note on Thursday, with the Indonesian Rupiah leading the declines, falling 0.7%. It was followed by the Philippine Peso, which slipped 0.5%, the Thai Baht down 0.4%, and the Malaysian Ringgit, which eased 0.2%.
The dollar wobbled near a 1-1/2-week high as a standoff between Iran and the U.S. in the Middle East war and lack of progress in peace talks pulled oil prices back above $100 per barrel, weighing on investor sentiment.
