The Indian rupee opened strong on November 3, following a slide in crude oil prices, though dollar strength and technical barriers are expected to contain the magnitude of the currency's advance.
The rupee opened higher by 24 paise at 94.66 per dollar, compared with Monday’s close of 94.90.
According to Finrex, rupee to open stronger at 94.71 as Brent oil is down to $ 105.01 per barrel and Dollar Index was stable at 101.88.
Exporters need to keep selling all the upticks they get due to buying by RBI/SBI for oil. Importers to buy the dips for paying their near-term payables. We await for the US Mid-Term election results due tomorrow with voting in progress today, it added.
Asian currencies traded on a mixed note against the US dollar, with the Philippine peso gaining the most, rising 0.23 percent, followed by the South Korean won, which appreciated 0.18 percent. The Chinese renminbi and Japanese yen also strengthened by 0.12 percent and 0.013 percent, respectively. Meanwhile, the Indonesian rupiah slipped 0.05 percent, while the Thai baht declined 0.07 percent. The Malaysian ringgit and Singapore dollar weakened 0.10 percent each, while the Taiwan dollar fell the most, losing 0.28 percent against the US dollar.