BackRupee closes 14 paise stronger against US dollar at 67.04
The rupee closes stronger against the US dollar for the third consecutive session, as the local equity market gained for the fourth session
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Mumbai: The Indian rupee on Friday closed stronger against the US dollar for the third consecutive session, as the local equity market gained for the fourth session. Traders were cautious ahead of the gross domestic product (GDP) data which is due next week.
The home currency closed at 67.04, up 0.21% from its previous close of 67.18. The rupee opened at 67.05 per US dollar and touched a high of 66.95, a level last seen on 18 May.
India’s benchmark Sensex index rose 1.09%, or 286.92, points to close at 26,653.60. In the last four days, the Sensex has gained 5.64%, or 1,423.24 points. So far this year, the Sensex has gained 2.05%.
The government will release GDP data for the March quarter on 31 May after 5.30pm. Gross value added (GVA) would have grown by 7.2% in the said quarter compared with 7.1% in December quarter, while GDP growth will be at 7.5% from 7.3% a quarter ago, a Bloomberg poll showed.
Most Asian currencies closed mixed. Japanese yen was up 0.12%, South Korean won 0.1%, Taiwan dollar 0.08%, Philippines peso 0.05%. However, Thai baht was down 0.17%, China offshore 0.14%, Singapore dollar 0.11%, Malaysian ringgit 0.04%.
Investors will look ahead to comments from Federal Reserve chair Janet Yellen, who is expected to answer questions on Friday in the US, as she receives an award at the Harvard University, Reuters reported.
So far this year, the rupee has weakened 1.31%, while foreign institutional investors (FIIs) have bought $2.03 billion from the local equity market and sold $1.16 billion in debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.269, up 0.11% from its previous close of 95.168.
Meanwhile, India’s 10-year bond yield closed at 7.471%, as compared with its Thursday’s close of 7.469%.
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