The Indian rupee opened higher against the US dollar on October 21, supported by dollar inflows linked to the Jio Platforms IPO and by the Reserve Bank of India's support.
The rupee continued its winning streak on eighth consecutive day and opened higher by 14 paise at 94.78 per dollar, compared with Monday’s close of 94.92.
According to Finrex, rupee which is expected to open at 94.73 would be buoyed by the inflows from JIO IPO starting from today for the Retail and HNI.
94.73 on the dollar should be a good buy for importers for the near term as premiums remain high for the 2 month and beyond period. Exporters to wait for 94.95 to sell/hedge with premiums higher while importers to buy just for the month of October to avoid higher premiums, it added.
Asian currencies were mixed against the US dollar in early trade, with the Indonesian rupiah and Chinese renminbi leading gains, rising 0.3 percent and 0.099 percent, respectively. The Malaysian ringgit edged up 0.012 percent. Meanwhile, the South Korean won declined 0.013 percent, followed by the Taiwan dollar, which slipped 0.037 percent, and the Japanese yen, which fell 0.051 percent.