Rupee erases early losses to close stronger against US dollar
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Mumbai: The Indian rupee on Friday pared all the morning losses and closed stronger against the US dollar.
The rupee closed at 64.43 a dollar, up 0.17% from previous close of 64.54. The rupee opened at 64.67 a dollar and touched a high and a low of 64.40 and 64.74 respectively.
Trade deficit for May widened to $13.84 billion from $6.27 billion a year ago and $13.25 billion a month ago mainly due to increase in gold import. Exports rose 8.3% to $24 billion, while imports jumped 33% to $37.85 billion. Gold, silver and precious and semi-precious stones recorded a growth of 128% in May.
The 10-year bond yield closed at 6.489% compared to its previous close of 6.482%. Bond yields and prices move in opposite directions.
The benchmark Sensex index fell 0.06% or 19.33 points to closed at 31,056.40. So far this year, it has risen 17%.
So far this year, the rupee has gained 5.65%, while foreign investors bought $8.44 billion and $13.37 billion in local equity and debt markets, respectively.
Asian currencies were trading lower after dollar strengthened on delayed reaction to more Hawkish Fed and better-than-expected US data.
South Korean won was down 0.68%, Taiwan dollar 0.38%, Philippines peso 0.33%, Malaysian ringgit 0.26%, Japanese yen 0.23%, China offshore 0.15%, Indonesian rupiah 0.13%, China renminbi 0.07% and Singapore dollar 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.330, down 0.11% from its previous close of 97.433.