The Indian rupee opened lower at 94.51 per dollar on November 6, snapping its five-day winning streak. The currency fell from Thursday’s close of 94.47. Experts said that while foreign inflows could provide support, dollar demand from importers and banks might restrict further gains as Asian currencies traded mixed today.
The Indian rupee snapped five-day its winning streak on November 6, opening marginally lower. The rupee opened lower at 94.51 per dollar, compared with Thursday's close of 94.47. According to Finrex, lower crude prices and sustained foreign inflows could provide further support, although dollar demand from importers and banks may restrict further appreciation. Despite the rise in oil prices the rupee is set to open at 94.47 this morning based on sustained FPIs flows into the equity markets and to some extent into the debt markets. Exporters are expected to sell all the upticks while importers to keep buying the dips near to 94.30 which is proving to be a strong support for the dollar as rupee has moved three times from this level, it added.
Asian currencies traded mixed against the US dollar, the Indonesian rupiah appreciated 0.476%, followed by the South Korean won, which gained 0.199%. The Chinese renminbi also strengthened 0.121%, indicating mild gains across some regional currencies. On the other hand, the Taiwan dollar depreciated 0.36%, while the Malaysian ringgit declined 0.21% and the Thai baht fell 0.158%. The Singapore dollar and Japanese yen slipped 0.07% and 0.095%, respectively. The Philippine peso was largely flat, edging down 0.003%. The dollar held steady against major currencies on Friday, after a sharp selloff in US equities drove investors toward haven assets such as the yen and pushed Treasury yields lower ahead of a closely watched government payrolls report.