BackRupee closes slightly stronger against US dollar
The rupee closed at 64.53 a dollar, up 0.09% from its Friday's close of 64.60
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Mumbai: The Indian rupee on Monday strengthened marginally against the US dollar tracking gains in the local equity and Asian currencies markets..
The rupee closed at 64.53 a dollar, up 0.09% from its Friday’s close of 64.60. The rupee opened at 64.56 a dollar and touched a high and a low of 64.48 and 64.58 respectively.
The 10-year bond yield ended at 6.474%, compared to its previous close of 6.532%. Bond yields and prices move in opposite directions.
The benchmark Sensex index rose 1.13% or 355.01 points to closed at 31,715.64. So far this year, it has risen 18%.
So far this year, the rupee has gained 5.26%, while foreign investors bought $8.30 billion and $14.40 billion in local equity and debt markets, respectively.
Asian currencies were trading higher after stronger than expected June US employment data on Friday. South Korean won was up 0.48%, Taiwan dollar 0.16%, China renminbi 0.05%, Thai Baht 0.05%, China Offshore 0.04%. However, Japanese yen was down 0.19%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.003, down 0.01% from its previous close of 96.008.
Federal Reserve Chair Janet Yellen’s testimony before Congress will be in focus later this week as investors look for guidance of when the US central bank could start reducing its balance sheet. Other Fed speakers include Lael Brainard, while there’s plenty of data releases. Retail sales, industrial output and business inventories may sway GDP forecasts and CPI could signal if disinflation is intensifying.
(Bloomberg contributed this story)
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