Rupee trades stronger against US dollar
Mumbai: The Indian rupee on Thursday strengthened marginally against the US dollar tracking gains in the local equity markets.
At 2pm, the rupee was trading at 64.73 a dollar, up 0.08% from its Wednesday’s close of 64.78. The rupee opened at 64.77 a dollar and touched a high and a low of 64.72 and 64.79 respectively.
The 10-year bond yield was at 6.519%, compared to its previous close of 6.551%. Bond yields and prices move in opposite directions.
The benchmark Sensex index rose 0.53% or 164.72 points to 31,410.28. So far this year, it has risen 17.26%.
So far this year, the rupee has gained 4.85%, while foreign investors bought $8.19 billion and $14.26 billion in local equity and debt markets, respectively.
Asian currencies were trading lower. South Korean won was down 0.61%, Taiwan dollar 0.28%, Thai Baht 0.15%, Indonesian rupiah 0.11%, Singapore dollar 0.1%, Japanese yen 0.07%, China Offshore 0.06%, Malaysian ringgit 0.05%. However, Philippines peso was up 0.06%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.212, down 0.08% from its previous close of 96.29.
US fed Minutes showed Fed officials continued to view gradual interest-rate increases as appropriate while starting the process of unwinding their $4.5 trillion balance sheet this year.
Traders are also cautious ahead of the Job data on Friday and according to Bloomberg poll American employers may have added around 177,000 workers in June and strengthening wage growth, consistent with a solid labour market.
Bloomberg contributed this story
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