Forex
Rupee Opens Flat at 94.47 as Dollar Index Sinks
The Indian rupee opened flat at 94.47 per dollar against the US dollar on September 4, matching Thursday's close of 94.49.
According to Finrex, the rupee is expected to open slightly lower at 94.60 and stay within a range of 94.00 to 94.75 in today's session.
The decline in the dollar index, which fell to 98.95 due to a rise in yen, may lead to a reversal of carry trade if the USD/JPY pair breaks below 150.
This could push the USD/INR pair higher and intensify the export business for oil companies as they continue to buy dollars due to high oil prices.