Rupee closes little changed against US dollar
Mumbai: The Indian rupee on Thursday closed little changed against the US dollar as traders avoided taking long positions ahead of the key inflation data next week.
The home currency ended at 64.94 against the dollar, up 0.02% from its Wednesday’s close of 64.96. The rupee opened at 64.95 a dollar.
The government will issue Consumer Price Index (CPI) and Wholesale Price Index (WPI) based inflation data for October on 13 and 14 November, respectively. According to Bloomberg analysts’ estimates, CPI is expected to be at 3.40% compared to 3.28% a month ago, while WPI will be at 3.01% versus 2.6% a month ago.
The government will also issue the Index of Industrial Production data for September on 10 November. Bloomberg analysts expect IIP will be at 3.8% compared to 4.3% a month ago.
The 10-year bond yield closed at 6.931% compared to its previous close of 6.940%. Bond yields and prices move in opposite directions.
The benchmark Sensex index rose 0.10% or 32.12 points to closed at 33,250.93 points. So far this year, it has gained 24.76%.
So far this year, the rupee has gained 4.57%, while foreign institutional investors have bought $6.49 billion and $22.69 billion in equity and debt, respectively.
Asian currencies were trading higher. Malaysian ringgit was up 0.54%, Japanese yen 0.32%, Philippines peso 0.12%, Singapore dollar 0.07%. However, China offshore spot was down 0.2%, China renminbi 0.19%
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.765, down 0.11% from its previous close of 94.866.
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