The Indian rupee opened higher at 95.17 per dollar on October 29. It gained 6 paise against Monday’s close of 95.23. The currency tracked most Asian peers after the Federal Reserve’s policy decision. Experts said month-end demand will keep the rupee lower as importers and exporters trade within a set range.
The Indian rupee opened higher against the US dollar on October 29, tracking most Asian currencies after the Federal Reserve's policy decision and Chair Warsh's subsequent comments were read as modestly dovish by parts of the market.
The rupee opened higher by 6 paise at 95.17 per dollar, compared with Monday’s close of 95.23.
According to Finrex, rupee to open slightly higher at 95.15 this morning as dollar index fell to 102.10 this morning and Brent oil price was also lower for the December delivery at $ 114.29.
The rupee has been within the range of 95 to 95.25 for the past three days with RBI selling near to 95.25 and importers buying near to 95.00 levels as month end demand will keep rupee lower.
For the day we expect exporters to sell near 95.25 and importers to buy near to 95.00 levels, it added.
Asian currencies traded mostly higher against the US dollar, with the South Korean won leading gains by rising 0.744 percent, followed by the Philippine peso, which advanced 0.258 percent. The Malaysian ringgit, Thai baht, Singapore dollar, Taiwan dollar and Chinese renminbi also posted modest gains.
Meanwhile, the Indonesian rupiah weakened 0.154 percent, while the Japanese yen slipped 0.038 percent against the dollar.
The US dollar index, which measures the currency against six peers, was trading with marginal gains at 102.25 in the early Thursday trade.