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Business News/ Market / Stock-market-news/  Rupee rebounds from 29-month low to close higher against US dollar at 68.24
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Rupee rebounds from 29-month low to close higher against US dollar at 68.24

Traders are cautious and will remain on edge to see how the Chinese market will react when it opens on Monday, after a week-long holiday

The currency is just 0.9% away from its all-time low of 68.85, which it touched on 28 August 2013. Photo: Ramesh Pathania/MintPremium
The currency is just 0.9% away from its all-time low of 68.85, which it touched on 28 August 2013. Photo: Ramesh Pathania/Mint

Mumbai: The Indian rupee on Friday rebounded from 29-month low to close higher against the US dollar amid volatile local equity markets. The currency is just 0.9% away from its all-time low of 68.85, which it touched on 28 August 2013.

Traders are cautious and will remain on edge to see how the Chinese market will react when it opens on Monday, after a week-long holiday.

The home currency closed at 68.24, up 0.1% from its previous close of 68.30. The local currency opened at 68.38 and touched a low of 68.47 a dollar, a level last seen 4 September 2013.

The Sensex index rose 0.15%, or 34.29 points, to close at 22,986.12 points. So far this year, the Sensex has fallen 12%.

Key data points such as the Index of Industrial Production (IIP) and Consumer Price Inflation (CPI) data due later today kept traders cautious. According to Bloomberg estimates, IIP will be at zero for December as compared with -3.2% in November, while CPI will be at 5.4% in January from 5.61% a month ago.

The yield on India’s 10-year benchmark bond closed at 7.724% against Thursday’s close of 7.719%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has lost 3.06%, while foreign institutional investors have sold $2.15 billion from local equity and bought $320.6 million in bond markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.7, up 0.14% from its previous close of 95.562.

Most Asian currencies closed lower. Thai baht was down 0.9%, South Korean won 0.7%, Malaysian ringgit 0.15%, Singapore dollar 0.34%, Indonesian rupiah 0.2%, Philippines peso 0.12%. However, Taiwan dollar was up 0.09%.

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Published: 12 Feb 2016, 09:27 AM IST
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