Rupee cushioned by central bank hand even as dollar strength dents Asia FX

The Indian rupee closed at 94.6650 against the US dollar, marginally stronger than its previous close of 94.7350, supported by dollar sales from state-run banks likely acting on behalf of the Reserve Bank of India. Asian currencies broadly weakened, with the Korean won declining nearly 1 percent, as a hawkish repricing of US rate expectations lifted the dollar index to 101.6, near a 13-month high. RBI Governor Sanjay Malhotra stated it is premature to discuss rate hikes and reiterated that the central bank does not target any specific rupee level, intervening only to curb disorderly moves.