Indian Rupee Surges 18 Paise Amid Weakening US Dollar

Indian Rupee Opens Higher on Weaker Dollar

The Indian rupee began July 3 on a positive note, boosted by a broadly weaker dollar following a tepid U.S. jobs report that pushed back market expectations for imminent rate hikes by the Federal Reserve. The rupee opened with a gain of 18 paise at 95.21 against the US dollar on Friday, compared to its previous close of 95.39.

Market analysts at Firex predict that the rupee will open stronger at 95.16 levels and trade within a range of 94.80 to 95.50, unless demand exceeds supply. This could potentially allow the rupee to regain its level of 95.00, which it had fallen below for three consecutive days. Exporters who were unable to sell earlier may now cover their positions for July, while importers may continue to take advantage of dips in the market.

Asian currencies traded on a mixed note against the US dollar, with the majority of regional currencies trading in positive territory. The top performer among these was the , which appreciated by 0.270%. The and also posted gains, increasing by 0.202% and 0.178%, respectively.