The Indian rupee opened marginally higher against the US dollar on October 8. The rupee opened higher at 96.71 per dollar, compared with Wednesday’s close of 96.77.
According to Finrex, the rupee is expected to open at 96.75 and we wait for RBI to take action against speculation with Governor assuring to help in finding rupee to it true value which is undervalued presently. He said that markets could be irrational in the short run but will eventually find the right value.
Exporters to keep selling the uptick that they have got to hedge exports while importers to wait for hedging while they buy the dips for cash payments, it added.
Asian currencies were mixed against the US dollar, with the Indonesian rupiah leading gains, followed by the South Korean won and Chinese renminbi.
The Japanese yen was the biggest laggard, falling 0.221%, while the Philippine peso, Thai baht, Taiwan dollar, Malaysian ringgit and Singapore dollar also weakened marginally.