Rupee closes slightly higher against US dollar
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Mumbai: The Indian rupee on Wednesday closed marginally higher against the US dollar after India Meteorological Department (IMD) predicted normal monsoon this year.
The rupee closed at 64.58 a dollar, up 0.08% from its Tuesday’s close of 64.63. The rupee opened at 64.61 a dollar. Year-to-date, it gained 5.3%.
The 10-year bond yield closed at 6.856% compared to its previous close of 6.864%. Bond yields and prices move in opposite directions.
The IMD has predicted that rainfall this year will be 96% of the long-period average.
Foreign institutional investors (FIIs) were net sellers for the sixth consecutive session and sold nearly $368.56 million in the local equity markets so far this year. They bought $6.56 billion and $6.99 billion from local equity and debt markets, respectively, in the same period.
The benchmark Sensex index rose 0.06% or 17.47 points to closed at 29,336.57. So far this year, it has risen 12%.
Asian currencies were trading lower. Singapore dollar was down 0.11%, Singapore dollar 0.09%, China offshore spot 0.09%, Philippines peso 0.07%, Taiwan dollar 0.07% and South Korean won fell 0.06%. However, Thai baht was up 0.09% and Malaysian ringgit 0.08%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.60, up 0.10% from its previous close of 99.50.