The Indian rupee started the session on a weak note against the US dollar on September 10, amid rising oil prices, with the central bank’s support likely to temper rather than reverse the currency’s decline.
The rupee opened weak at 95.25 per dollar, compared with Wednesday’s close of 95.10.
According to Finrex, rupee to open slightly weaker at 95.16 with Brent at almost $ 101 per barrel and dollar index at 98.76.
The emphasis will be on buying dollars only with oil remaining on the upside and our own Indian Basket being much higher than Brent thus increasing India’s costing for buying the oil.
Exporters can utilise the opportunity to sell $ with RBI protecting levels which could be 95.30 today while oil companies and defence demand keeping the $ higher, it added.
Asian currencies traded mixed against the US dollar, with the Indonesian rupiah emerging as the top gainer, rising 0.69%. The South Korean won strengthened 0.17%, while the Chinese renminbi, Singapore dollar and Thai baht edged up 0.03%, 0.02% and 0.01%, respectively.
On the other hand, the Taiwan dollar weakened 0.08%, while the Malaysian ringgit and Philippine peso slipped 0.04% each. The Japanese yen was largely flat, easing 0.03%.
The dollar index, which measures the greenback against a basket of currencies, was last traded at 98.81, inching away from a three-week low.
