Indian Rupee Posts Fourteenth Consecutive Daily Gain, Opening Slightly Higher Amid Volatile Asian Currency Markets

Indian Rupee Opens Marginally Higher Against US Dollar Despite Global Risk Aversion

The Indian rupee opened higher against the US dollar on April 20, even as most Asian currencies traded weaker. At 9:05 am, the home currency was trading at 92.83 against the US dollar, up 0.1 percent from its previous close of 92.93, marking the fourth consecutive session of gains.

The rupee's move came despite a rise in global risk aversion, as oil prices surged and the US dollar strengthened following renewed tensions between the US and Iran. Brent crude jumped over 5 percent to around $95 per barrel, rebounding from sharp losses on Friday after Iran had declared the Strait of Hormuz "completely open." Concerns that higher oil prices could fuel inflation weighed on global sentiment, while US Treasury yields moved higher.

The dollar, a preferred safe-haven during geopolitical uncertainty, strengthened after weakening over the past three weeks on hopes of easing tensions. Asian currencies were largely under pressure, with the South Korean won falling 1.03 percent, Thai baht declining 0.57 percent, Singapore dollar dropping 0.22 percent, Japanese yen slipping 0.15 percent, Malaysian ringgit easing 0.06 percent, and the Chinese offshore yuan weakening 0.05 percent.

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Among gainers, the Taiwan dollar rose 0.31 percent, Indonesian rupiah gained 0.07 percent, and the Philippine peso edged up 0.05 percent. The dollar index, which tracks the US currency against a basket of major peers, was at 98.31, up 0.22 percent from its previous close of 98.098.