Rupee opens at 94.75 as RBI sells dollars at 95.18
Business
The Indian rupee opened lower at 94.75 against the US dollar this Thursday, dropping 14 paise from its last close.
Exporters are selling US dollars while importers may wait for 94 levels to begin hedging near-term imports, and 93.50 for June imports, adding pressure on the currency.
To keep things from sliding further, the Reserve Bank of India jumped in on Wednesday and sold US dollars at 95.18, a move meant to support the rupee and help attract foreign investors after two years of steady outflows.
Other Asian currencies saw mixed moves
It wasn't just India feeling the shifts: other Asian currencies saw mixed action too.
The Philippine peso and Taiwan dollar made decent gains, while the South Korean won and Thai baht slipped a little during Thursday trading.