The Indian rupee opened strong against the US dollar on October 12, after the central bank stepped up efforts to curb dollar demand, while higher costs under a new foreign-exchange rule are expected to temper forward dollar buying and impact forward premiums.
The rupee opened higher by 98 paise at 95.75 per dollar, compared with Friday’s close of 96.73.
Asian currencies traded higher against the US dollar, with the South Korean Won leading the gains, rising 0.355% from its previous close. The Philippine Peso advanced 0.204%, followed by the Chinese Renminbi, which gained 0.158%, while the Japanese Yen strengthened 0.12%.
The Indonesian Rupiah and Thai baht edged up 0.089% and 0.087%, respectively. The Singapore Dollar rose 0.078%, while the Malaysian Ringgit and Taiwan Dollar posted modest gains of 0.059% and 0.041%, respectively.
The dollar held ground near its strongest level in a year and a half in early Asian trade on Monday as an escalating Middle East conflict kept investors wary ahead of key US inflation data later this week that will influence monetary policy.