Rupee opens at 94.39 as RBI steps in, oil rises
The rupee started Monday a bit stronger at 94.39 against the US dollar, bouncing back slightly from its previous close of 94.49.
The RBI is stepping in to steady the currency as oil prices climb and everyone's eyeing a possible US Fed rate hike next week.
RBI to run ₹7L/cr 30-day VRRR
To help out the rupee, the RBI will also be doing a VRRR today for ₹7 lakh crore for a period of 30 days, basically soaking up extra cash in the system.
Finrex thinks the rupee will hover between 94.00 and 94.75 for now, with exporters locking in profits above 94.50 and importers waiting for better rates to pay their bills.
Meanwhile, most Asian currencies are having a good day too; South Korea's won jumped the most, while only three like the Philippine peso dipped a bit thanks to low demand during a US holiday.