Rupee Holds Steady Against Dollar Amid Weakening Asian Currencies

16 Oct 2023 , 10:09 AM

The rupee’s value against the dollar saw minimal change, reflecting the overall weakening trend of Asian currencies. As of 9.10am, the rupee was trading at 83.25 per dollar, indicating a marginal 0.01% decrease from its previous closing value of 83.26.

In August, India experienced a retail inflation rate slightly exceeding 5%, surpassing market predictions due to easing food and oil prices. Concurrently, industrial production saw a significant surge of 10.3%, primarily propelled by the mining, electricity, and manufacturing sectors.

Brent oil prices exceeded $91.02 per barrel, primarily due to escalating geopolitical tensions in the Middle East during the previous week.

Across Asia, various currencies exhibited a decline in value. The South Korean won depreciated by 0.39%, the Malaysian ringgit by 0.27%, the Taiwan dollar by 0.22%, the Indonesian rupiah by 0.2%, and the Philippines peso by 0.08%. Additionally, China’s renminbi and the Singapore dollar saw a decrease of 0.05% each.

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