Indian Rupee Holds Steady Amid Mixed Asian Market Performances

Indian Rupee Opens Flat Amid Equity Outflows and Soft Asian Cues

The Indian rupee started the day with no change on June 3, pressured by equity outflows and soft Asian cues. However, expectations around steps to support the currency may offer relief to investors. The rupee opened flat at 95.71 per dollar on Thursday, maintaining the same level as Wednesday's close.

Asian currencies traded mixed in early trade on Thursday, with the South Korean Won emerging as the top performer. The Won rose by 0.386%, followed by the Japanese Yen (+0.094%), Thai Baht (+0.086%), Singapore Dollar (+0.023%), and Philippine Peso (+0.002%). These modest gains were recorded against the US dollar.

On the downside, the Indonesian Rupiah was the weakest currency in the region, declining by 0.712%. The Chinese Renminbi (-0.221%), Taiwan Dollar (-0.118%), and Malaysian Ringgit (-0.013%) also traded with a negative bias.

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The U.S. dollar index, which measures the greenback's strength against a basket of six currencies, held steady at 99.46. This stability comes after a three-day rally, which took the currency to its strongest level since April 7.