Rupee opens weaker at 96.41 amid $90 oil, U.S.-Iran tensions
Business
The rupee started Monday a bit weaker, opening at 96.41 against the dollar, down from the previous close of 96.28.
Rising oil prices (now above $90 a barrel) and tensions between the US and Iran are making things tougher, raising worries about inflation and keeping US interest rates high.
Analysts advise exporters sell near 96.60
Analysts think the Reserve Bank of India might jump in to steady the rupee, but say it could keep slipping if oil stays expensive.
Their advice? Exporters should sell near to 96.60 and above, and importers should buy on dips.
Meanwhile, other Asian currencies had a mixed day; Indonesia's rupiah gained most, while Taiwan's dollar saw the biggest drop.