Rupee opens lower at 94.37 versus USD amid Hormuz tensions
Business
The rupee opened lower at 94.37 against the US dollar after global oil prices climbed close to $110 a barrel, thanks to rising tensions in the Strait of Hormuz.
This quick drop from the previous day's close of 94.19 shows just how much global events and oil markets can shake up the currency.
Importers hedge, RBI expected modest intervention
With worries about the rupee falling further, importers are hedging their bets, and the RBI is expected to step in, though not too aggressively, to help steady things.
According to Amit Pabari from CR Forex Advisors, traders are watching support between ₹93.50 and ₹93.80 and resistance near ₹94.50 to ₹94.80 as they navigate these unpredictable times.