Rupee opens at 95.01 as Fed chair comments boost dollar
The rupee started Tuesday on a positive note, opening at 95.01 per US dollar, up from yesterday's close of 95.17.
This boost comes as the US dollar stays strong, thanks to some tough talk from the Federal Reserve Chair about possible interest rate hikes.
According to Finrex, the rupee is expected to open at 95.10 and stay in the range of 95 to 95.50 for the day.
India's central bank raises dollar holdings
India's central bank has upped its forward dollar holdings from $103 billion in June to $137 billion in July, keeping demand for dollars high.
Meanwhile, oil prices are holding above $91.25 per barrel and the dollar index sits near 99.5, both adding extra pressure on currencies.
Asian currencies show mixed performance
Across Asia, currencies had a mixed day: Indonesia's rupiah and Japan's yen edged up a bit, while others like South Korea's won and Malaysia's ringgit slipped against the US dollar, even as global markets keep shifting gears.