BackRupee strengthens to 66.77 against dollar
The home currency opened at 66.85 a dollar. At 2pm, the rupee was trading at 66.77 against the US dollar, up 0.25%, from its previous close of 66.94
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Mumbai: The Indian rupee strengthened against the US dollar tracking the gains in its Asian peers.
The home currency opened at 66.85 a dollar. At 2pm, the rupee was trading at 66.77 against the US dollar, up 0.25%, from its previous close of 66.94.
Asian currencies were trading higher. Thai baht was up 0.363%, Taiwan dollar 0.344%, South Korean won 0.312%, Malaysian ringgit 0.298%, Indonesian rupiah 0.176%, Philippines peso 0.089%. However, Japanese yen 0.480%, Singapore dollar was down 0.447%.
On Thursday, India’s retail inflation eased sharply to 4.31% in September, the slowest in more than a year, from 5.05% from August, mainly on account of a sharp fall in food prices. Not only does it make the Reserve Bank of India (RBI) look prescient, it also gives the central bank room to contemplate another rate cut—especially in the backdrop of the contraction of industrial output in August, Mint reported.
India’s benchmark Sensex Index was trading at 27,691.39 points, up 0.17% from its previous close. So far this year, it has gained 6.13%.
The benchmark 10-year government bond yield was trading at 6.752% compared to Thursday’s close of 6.732%. Bond yields and prices move in opposite directions.
The rupee is down 1.17% till date this year, while foreign institutional investors have bought $7.69 billion in equity and sold $356.30 million in debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.87, up 0.37% from its previous close of 97.516.
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