The Indian rupee opened lower against the US dollar on April 24, marking its fifth consecutive day of decline. The currency fell 10 paise to 94.21 from the previous close of 94.11, pressured by a rally in oil prices. According to Finrex, the rise in oil prices, a key factor in India’s trade deficit, is expected to further weaken the rupee. The Reserve Bank of India (RBI) is supporting a specific level intra-day but is allowing the overall decline to continue.
Exporters are finding better opportunities to sell, while importers had similar chances before the RBI lifted curbs on April 1. Finrex noted that importers should wait to buy dollars at lower levels. In early Friday trading, most Asian currencies declined, led by the Indonesian rupiah, while the Thai baht, Taiwan dollar, and Singapore dollar saw modest gains. The dollar is poised for its first weekly gain in three weeks amid stalled peace negotiations between the U.S. and Iran.
