Rupee closes marginally stronger against US dollar
Mumbai: The rupee on Wednesday rebounded in late trade from its three week low to end marginally stronger against the US dollar.
The rupee closed at 64.11 a dollar, up 0.04% from its Tuesday’s close of 64.13. The rupee opened at 64.18 a dollar and touched a low of 64.26, a level last seen on 16 August.
“U.K. and European banks were seen selling dollars against the rupee,” Bloomberg report said.
The 10-year bond yield closed at 6.507% compared to its previous close of 6.5%. Bond yields and prices move in opposite directions.
The benchmark Sensex index fell 0.46% or 147.58 points to closed at 31,661.97. So far this year, it has risen over 19%.
So far this year, the rupee has gained 5.7%, while FIIs bought $6.91 billion and $19.87 billion in equity and debt markets, respectively.
Gains in the Asian currencies also helped the local currency. Malaysian ringgit was up 0.5%, China Renminbi 0.17%, Philippines peso 0.1%, Singapore dollar 0.07%, Indonesian rupiah 0.04%. However, South Korean won was down 0.4%, Japanese yen 0.07%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.301, up 0.05% from its previous close of 92.252.