The rupee opened marginally higher on Thursday, July 23, against the U.S. dollar. It traded at 96.49, up from the previous close of 96.57. The rise was modest but notable.
Finrex projected the rupee to open around 96.50 as Brent crude climbed to about $96 a barrel. The price jump follows escalating tensions in the Middle East. The U.S. has launched fresh strikes, while Yemen’s Houthis have targeted Saudi oil tankers.
The rupee is close to its record low of 96.96. A further rise in oil prices could push it beyond that level. The RBI may step in to limit volatility, according to Finrex.
Exporters should sell dollars on intraday rallies, and importers may consider buying on dips. Among Asian currencies, the South Korean won was the strongest, up 0.406%. The Taiwan dollar gained 0.182%.
The Singapore dollar rose 0.054% and the Japanese yen edged up 0.043%. The Philippine peso and Thai baht were largely stable, advancing 0.006% and 0.003% respectively. The Indonesian rupiah fell 0.162%, the biggest laggard, followed by the Chinese renminbi, which slipped 0.106%.
The Malaysian ringgit was almost unchanged, easing 0.005%. The dollar largely stabilised as renewed U.S.-Iran tensions kept investors wary. Demand for the safe‑haven currency remained high, while the yen stayed near a 40‑year low.