Forex
Rupee Rises Amid Dollar Index Three-Month Low
The Indian rupee has opened higher against the US dollar on August 20, after the dollar hit a three-month low. This move comes following the U.S. Treasury's announcement to boost buybacks of longer-dated bonds to alleviate pressure on the bond market.
The rupee opened 19 paise higher at 95.57 per dollar compared to its previous close of 95.76. Despite this initial gain, the rupee remains vulnerable due to high crude oil prices, which are still above $91 a barrel.
The Reserve Bank of India (RBI) has been active in the market and may intervene at certain levels on Thursday to limit the rupee's downside. Finrex predicts exporters will sell near 95.75, while importers are likely to buy on dips.