Rupee opens almost unchanged at 94.69/dollar amid Fed worries
The Indian rupee opened almost unchanged at 94.69 against the US dollar on Tuesday, thanks to lower crude oil prices (Brent crude slipped below $78 per barrel after progress in U.S.-Iran talks).
Still, worries about possible Fed rate hikes kept the rupee from making any big moves.
Finrex recommends exporters hedge above 94.75
Finrex suggested keeping an eye on a 94.20 to 94.90 range for the rupee today, advising exporters to hedge above 94.75 and importers to buy when rates dip, with a stop-loss at 94.90 for uncovered positions.
Across Asia, most currencies weakened against the strong US dollar, especially the Philippine peso (-0.315%), Indonesian rupiah (-0.219%), and Chinese renminbi (-0.117%).
The Malaysian ringgit was a rare winner, up 0.305%.
Oil prices bounced back slightly after earlier drops, adding another twist to currency movements in the region.