Rupee closes little changed against US dollar
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Mumbai: The Indian rupee closed little changed against the US dollar as traders avoided taking large positions ahead of the exit poll of upcoming assembly elections due later on Thursday. The final results will be out on 11 March.
The rupee closed at 66.72, down 0.03% from its Wednesday’s close of 66.70. The rupee opened at 66.82 a dollar and touched a high and a low of 66.74 and 66.86 respectively.
The government will issue the index of industrial production data for January on Friday and consumer price inflation data for February on Monday. Wholesale price inflation data for February will be released on Tuesday.
The benchmark Sensex index rose 0.09% or 27.19 points to closed at 28,929.13. So far this year, it has risen 9%. Indian Markets will be closed on Monday on occasion of Holi.
The 10-year bond yield closed at 6.857% compared to its Wednesday ’s close of 6.859%. Bond yields and prices move in opposite directions.
So far this year, rupee gained 1.8% while foreign institutional investors have bought $2.02 billion and $540.20 million from local equity and debt markets, respectively.
Asian currencies were trading lower after a private US jobs report showing unexpectedly strong hiring in February fueled optimism about Friday’s payrolls data.
The markets are also gearing up for an interest rate hike by the US Federal Reserve in its two-day meeting on 14-15 March. Traders are also cautious ahead of the European Central Bank (ECB) meeting and US employment data on Thursday and Friday, respectively.
South Korean won was down 1.08%, Taiwan dollar 0.48%, Japanese yen 0.24%, Indonesian rupiah 0.2%, Singapore dollar 0.13%, Malaysian ringgit 0.12%. However, China offshore was up 0.24%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 102.133—up 0.06% from its Monday’s close of 102.07.
On Wednesday night, the ADP employment report showed private payrolls surged by 298,000 last month, far above expectations.