Indian rupee opens stronger at 94.89 per $1, Asia slips
Business
The Indian rupee opened a bit stronger at 94.89 per US dollar on Monday, even as most Asian currencies lost ground against the dollar.
The South Korean won took the biggest hit, while the Malaysian ringgit, Japanese yen, Indonesian rupiah, and Singapore dollar also slipped slightly.
RBI may intervene to stabilize rupee
A steady US Dollar Index and falling oil prices, thanks to progress in U.S.-Iran talks, set the stage for these shifts.
With this backdrop, Indian exporters are expected to sell when rates rise and importers to buy on dips.
The Reserve Bank of India might step in to help keep the rupee stable if needed.