Rupee Sways on Oil Prices, Asian Currencies Gain Ground

The Indian rupee started trading on September 9 with minor losses against the US dollar, weighed down by rising oil prices that could test the Reserve Bank of India's ability to support the currency.

At the opening bell, the rupee traded at 94.87 per dollar, marginally lower than its previous close of 94.82. Finrex predicts a trading range of 94.50-95.25 for the rupee, with Brent crude holding steady around $99.25 a barrel.

Importers are likely to take advantage of dips in the market, while exporters may sell at levels above 95.00. The RBI's intervention will be closely monitored, particularly if it seeks to protect the 95.00 per dollar level during trading.

Asian currencies generally fared better against the US dollar, with only the Malaysian ringgit experiencing losses. The Philippines peso recorded the strongest gain at 0.188%, followed by the Japanese yen at 0.182%.