Rupee closes near 17-month high against dollar
The rupee closed at 65.36, a level last seen on 30 October 2015, up 0.18% from Friday’s close of 65.48
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Mumbai: The rupee on Monday strengthened further to close near a 17-month high against the US dollar after foreign investors continued to buy in local equity and debt markets.
The currency closed at 65.36, a level last seen on 30 October 2015, up 0.18% from Friday’s close of 65.48. The rupee opened at 65.39 a dollar and touched a high and low of 65.31 and 65.47, respectively.
The rupee is the third best-performing Asian currency this year after the South Korean won and Taiwanese dollar, rising 4% since January.
So far this year, foreign institutional investors have bought $3.98 billion and $1.23 million from local equity and debt markets, respectively.
The benchmark Sensex index fell 130.25 points, or 0.44%, to close at 29,518.74. So far this year, it has risen 11%.
The 10-year bond yield closed at 6.893%, compared with Friday’s close of 6.863%. Bond yields and prices move in opposite directions.
Asian currencies were trading higher after the dollar index weakened to a five-month low after a measure of US inflation expectations dropped to a record low.
The South Korean won was up 1%, Taiwanese dollar 0.51%, Thai baht 0.35%, Singapore dollar 0.3%, Indonesian rupiah 0.23%, Malaysian ringgit 0.15% and Philippines peso 0.11%. However, the China offshore fell 0.1% and the Hong Kong dollar and Japanese yen were down 0.05% each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.13, down 0.17% from Monday’s close of 100.30.