Rupee Weakens Against Dollar Amid Rising Oil Prices
The Indian rupee started the day on September 10 in a weaker position against the US dollar, due to rising oil prices. The currency opened at 95.25 per dollar, down from its previous close of 95.10. According to Finrex, it was expected to open slightly weaker at 95.16, with Brent crude oil reaching almost $101 per barrel and the dollar index standing at 98.76.
The central bank's support is likely to temper rather than reverse the currency's decline. With oil prices on the rise, exporters may see an opportunity to sell dollars while the RBI protects levels around 95.30 today. Meanwhile, oil companies and defense demand are keeping the dollar higher.
Asian currencies traded mixed against the US dollar, with the Indonesian rupiah emerging as a top gainer, rising 0.69%. Other Asian currencies like the South Korean won, Chinese renminbi, Singapore dollar, and Thai baht also edged up slightly, ranging from 0.01% to 0.03%.
On the other hand, the Taiwan dollar weakened by 0.08%, while the Malaysian ringgit and Philippine peso slipped 0.04% each. The Japanese yen was largely flat, easing 0.03%. The dollar index, which measures the greenback against a basket of currencies, was last traded at 98.81, inching away from a three-week low.