Indian rupee opens lower at ₹94.68, gains 0.2% in April-June
Business
The Indian rupee started Wednesday a little lower at ₹94.68 per US dollar (down from ₹94.66), mainly because the US dollar stayed strong and importers needed more dollars for end-of-month payments.
Still, there's a silver lining: the rupee actually gained 0.2% over April-June, its first positive quarter in over a year.
Strong US dollar pressures rupee
The US dollar is holding firm thanks to solid job numbers and careful moves by the Federal Reserve, which puts extra pressure on the rupee.
In India, importers' demand for dollars hasn't helped either, but the RBI may have stepped in to keep things stable.
As Amit Pabari, managing director at CR Forex Advisors, put it, the rupee has repeatedly failed to break below the ₹94 level, showing its resilience.