Indian Rupee Falls to 94.58 Against US Dollar
Indian Rupee Snaps Two-Day Gaining Streak, Opens Lower on May 8
The Indian Rupee began the day on a weaker note, snapping a two-day gaining streak, with a decline of 33 paise to 94.58 per dollar against the U.S. dollar on Friday. This marks a reversal from the previous close of 94.25.
According to Finrex, the surge in oil prices contributed to the rupee's decline, pushing it lower toward 94.43 against the U.S. dollar in early Asian trading. Meanwhile, the dollar index strengthened to around 98.22, while most Asian currencies traded marginally weaker.
Dollar Index and Asian Currencies Comparison
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| Currency | Change (%) |
|---|---|
| Indonesian Rupiah | 0.312% |
| South Korean Won | -0.562% |
| Philippines Peso | -0.401% |
| Thai Baht | -0.022% |
| Taiwan Dollar | -0.134% |
| Japanese Yen | 0.006% |
In other Asian currencies, the Indonesian Rupiah emerged as the strongest performer, gaining 0.312%, while the South Korean Won declined sharply by 0.562%, making it the weakest currency in the basket. The Philippines Peso weakened by 0.401%, with the Thai Baht slipping slightly by 0.022% and the Taiwan Dollar falling 0.134%. The Japanese Yen was largely flat with a marginal gain of 0.006%.
The dollar started Friday's Asian session on a firm footing against most major currencies following renewed hostilities between the U.S. and Iran. However, the Japanese yen held largely steady following fresh verbal jawboning from Tokyo.
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