Indian Rupee Steady Ahead of US Fed Decision, Asian Currencies Weaken

1 Nov 2023 , 09:48 AM

The Indian rupee opened with little change against the US dollar on November 1, with anticipation building ahead of the key US Federal Reserve decision. At 9:10 am, the rupee was trading at 83.27 per dollar, marking a marginal 0.02 % decrease from its previous close.

Asian currencies, in general, were trading weaker in anticipation of the US Fed’s decision, with South Korean won falling by 0.5 %, Indonesian rupiah losing 0.4 %, and other currencies like Thai Baht, Taiwan dollar, and Malaysian ringgit declining by 0.2 %. The Philippines peso also lost 0.15 %. On the positive side, the Japanese yen rose by 0.34 %, and China offshore currency rose by 0.1 %.

The dollar index, which measures the US currency’s strength against major global currencies, was observed at 106.724, reflecting a 0.06 % increase from its prior close at 106.663.

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