Indian rupee opens at 96.25 amid strong US dollar demand
Business
The rupee barely moved on Thursday, opening at 96.25 against the US dollar, just a hair off from the previous close of 96.26.
The main reason? Crude oil prices are still high (Brent is around $85 a barrel), which keeps demand for US dollars strong and makes things tough for the rupee.
Asian currencies gain, Malaysian ringgit leads
Across Asia, most currencies actually gained ground against the US dollar, with the Malaysian ringgit leading the pack.
Still, not everyone was so lucky: the South Korean won and Thai baht slipped a bit.
Meanwhile, experts at Finrex are telling exporters to lock in current rates if they need US dollars soon, while importers might want to wait it out and hope the rupee bounces back.