The Indian rupee opened stronger against the US dollar on October 12 and extend its rally on Wednesday, as the Reserve Bank of India's measures to support the currency were reinforced by the governor's indication that further steps remain an option.
The rupee opened higher by 28 paise at 95 per dollar, compared with Tuesday’s close of 95.28.
Asian currencies traded mixed against the US dollar on Wednesday, with the South Korean won rising the most by 0.16 percent, followed by the Malaysian ringgit, which gained 0.08 percent, and the Indonesian rupiah, up 0.07 percent. The Philippine peso and Chinese renminbi edged up 0.02 percent each. On the other hand, the Japanese yen declined 0.10 percent, while the Taiwan dollar and Singapore dollar slipped 0.04 percent and 0.02 percent, respectively. The Thai baht also weakened by 0.05 percent against the greenback.
The dollar languished on Wednesday as traders awaited fresh signals on the timing for interest rate hikes to contend with persistent inflation.
The greenback weakened from an 18-month high in the previous session as oil prices eased and investors reassessed the AI-fueled rally that has supported demand for US assets. The euro clung to gains as budget concerns in France kept regional bond yields elevated and markets on edge.