Indian rupee opens at 94.89 as dollar hits 13-month high
The Indian rupee opened lower at 94.89 against the US dollar this Wednesday, dropping 16 paise from its previous close.
This dip happened because the US dollar surged to a 13-month high, thanks to talk of Fed rate hikes and investors rushing toward safer assets.
Finrex says major currencies like the euro, pound, and yen also struggled, helping boost the dollar index to around 101.40.
Thai baht leads Asian currency losses
The strong dollar didn't just hit India; Asian currencies like the Thai baht, Chinese renminbi, and South Korean won also fell.
The baht dropped most at 0.36%, while others saw smaller losses.
Finrex suggests exporters sell dollars when rates spike and importers buy on dips near 94.20 to manage risks, especially with global markets staying unpredictable right now.