The Indian rupee opened with modest gains against the US dollar on August 27, with lower oil prices and the central bank’s sustained intervention offsetting the prospect of a Federal Reserve rate hike next month and persistent dollar demand for hedging.
The rupee opened marginally higher at 95.44 per dollar, compared with Tuesday’s close of 95.41.
According to Finrex, the rupee is set to open at 95.43 levels and remain in the range as given above. Exporters may now sell the upticks to 95.50/55 for their near term exports while importers may buy the dips towards 95.20 whenever they get it.
Asian currencies traded mixed against the US dollar, with the South Korean won rising the most at 0.40%, followed by the Taiwan dollar at 0.15% and Japanese yen at 0.08%. The Singapore dollar and Thai baht also gained marginally, while the Philippine peso fell 0.12%. The Indonesian rupiah, Chinese renminbi and Malaysian ringgit edged lower by up to 0.03%.
The dollar held near an eight-day high on Thursday after U.S. inflation and other economic data slightly lifted expectations of a Federal Reserve rate hike, ahead of the Jackson Hole central bankers’ symposium due to begin later in the day.
