The Indian rupee opened flat against the US dollar on October 22. The rupee opened at 94.46 per dollar, compared with Wednesday’s close of 94.46.
According to Finrex, rupee to open flat and is expected to remain in the narrow range of 94.15 to 94.60. With JIO flows continuing the rupee will rise despite a stable dollar index and Brent oil. Premiums continue to remain higher thus keeping large importers out of the hedging for any longer term while they buy for the near term.
Tuesday we could see some outflows happening once the IPO is completed and the allotment is done along with Month End demand and also the FOMC taking a decision on hiking interest rates. Exporters to keep selling the upticks while importers to continue buying dips for the near term only at present, it added.
Asian currencies traded mixed against the US dollar, with the South Korean won, Thai baht and Chinese renminbi posting marginal gains, while the Indonesian rupiah, Philippine peso and Taiwan dollar led losses.