Rupee Stuck in Neutral as Oil Prices Bite

The Indian rupee opened almost flat at 94.51 per dollar on September 8, as it grappled with the usual combination of higher oil prices and dollar demand from companies hedging their FX exposure.

The RBI's persistent presence in the market also kept a lid on the currency, preventing it from deviating too far from its previous day's close of 94.49.

Oil companies continued to buy dollars for their requirements, putting pressure on the rupee, while the central bank's dollar sales helped keep it within a tight range of 94.00 to 94.75.

Asian currencies were mostly higher against the US dollar in early trade, led by the South Korean won, which gained 0.40%, followed by the Japanese yen at 0.38%.