Rupee closes at 10-week high against US dollar
Mumbai: Indian rupee on Wednesday strengthened for a third session to closed at 10-week high against US dollar ahead of gross domestic product (GDP) data due on 30 November.
The home currency ended at 64.32 a dollar—a level last seen on 20 September, up 0.14% from its Tuesday’s close of 64.41. The rupee opened at 64.46 a dollar. and touched a high and a low of 64.28 and 64.51, respectively
According to Bloomberg analysts’ estimates, gross value added (GVA) will be at 6.3% from 5.6% a quarter ago, while GDP will be at 6.5% from 5.7% last quarter.
The benchmark Sensex fell 0.05%, or 15.83 points, to 33,602.76. So far this year, it has gained 26.26%.
The 10-year bond yield fell to 7.028%, compared to its previous close of 7.03%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 5.4%, while foreign institutional investors have bought $8.82 billion and $22.61 billion in equity and debt, respectively.
Asian currencies were trading higher as optimism over U.S. tax reform and euro-area economic growth overshadowed concerns about North Korea’s latest missile launch.
South Korean won was up 0.71%, Malaysian ringgit 0.51%, Thai Baht 0.21%, Philippines peso 0.21%, China Offshore 0.08%, Taiwan dollar 0.08%, Indonesian rupiah 0.07%, China Renmminbi 0.06%. However, Japanese yen was down 0.11%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.283, up 0.01%, from its previous close of 93.27.