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Asian currencies strengthened on Wednesday as the U.S. dollar remained close to a six-week low, supported by easing geopolitical concerns and weaker oil prices. Investors also reacted to the Reserve Bank of India’s (RBI) decision to keep interest rates unchanged, a move that was widely anticipated by markets.
The U.S. Dollar Index hovered around 99.80 after slipping to its lowest level in roughly six weeks. The dollar weakened as optimism over renewed U.S.-Iran diplomatic efforts reduced concerns about Middle East tensions, pushing crude oil prices lower and improving sentiment toward regional currencies.
The RBI left its benchmark repo rate unchanged at 5.25%, with all six members of the Monetary Policy Committee voting unanimously to maintain the current policy stance. The central bank cited rising food and fuel prices, global uncertainty, and resilient domestic economic growth as key reasons for holding rates steady while retaining its neutral outlook.
Following the decision, the Indian rupee extended its recent gains, with the USD/INR pair falling 0.3% to 95.06. The currency has recovered nearly 2% from recent lows, benefiting from a sharp decline in Brent crude prices over the past two sessions. Lower oil prices are generally supportive for India, one of the world’s largest crude importers.
The Japanese yen also remained firm, with USD/JPY slipping 0.2% to around 157.5. The currency continued to draw support after coordinated intervention by Japanese and U.S. authorities last week, marking the first joint action of its kind in decades. U.S. Treasury Secretary Scott Bessent reiterated Washington’s commitment to maintaining orderly currency markets.
Elsewhere in Asia, the South Korean won and Singapore dollar posted modest gains against the U.S. dollar, while China’s yuan strengthened slightly despite data showing the country’s services sector expanded at its slowest pace in 10 months during July. The Australian dollar also edged higher.
Looking ahead, investors are closely watching upcoming U.S. non-farm payrolls data, which could influence expectations for the Federal Reserve’s next interest rate decision and determine the near-term direction of the U.S. dollar and global currency markets.
