Rupee Sinks to 95.31 Against US Dollar, Asian Currencies Post Mixed Performance

Indian Rupee Opens Lower Amid Central Bank Measures

The Indian rupee opened lower on June 8, despite the central bank announcing a host of measures to boost inflows, while government bonds are also likely to gain as fears of aggressive rate hikes recede.

The Indian rupee opened higher at 95.31 per dollar on Monday, against Friday's close of 94.94. According to Finrex, for the day the rupee is expected to range between 94.75 to 95.50. Exporters may use the opportunity to sell the dollar while importers can keep buying the dips to hedge their payables.

Asian currencies traded mixed, with the Philippine Peso emerging as the strongest performer, appreciating 0.208% against the US dollar. The Indonesian Rupiah also posted a notable gain of 0.072%, while the Singapore Dollar advanced 0.054%. The Japanese Yen and Thai Baht were largely stable, rising marginally by 0.012% and 0.009%, respectively.

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On the weaker side, the Malaysian Ringgit recorded the sharpest decline among the tracked currencies, falling 0.800%. The South Korean Won also came under pressure, declining 0.622%. The Chinese Renminbi slipped 0.206%, while the Taiwan Dollar edged lower by 0.089%.

The dollar was perched near a two-month high on Monday after a blowout U.S. jobs report sent traders ramping up bets on a Federal Reserve rate hike this year, while the yen teetered further into the intervention zone.