Rupee closes marginally stronger against US dollar
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Mumbai: The Indian rupee on Monday strengthened marginally against the US dollar, tracking gains in the local equity and Asian currencies markets.
The home currency closed at 66.72, up 0.13% from its Friday close of 66.81.The local currency opened at 66.77 a dollar and touched a high and a low of 66.68 and 66.78 respectively.
Sensex index rose 0.75% or 215.74 points to closed at 29,048.19. So far this year, it has risen 9.2%.
China cut its growth target for this year to 6.5%, compared to its 2016 goal of 6.5-7% when actual growth came in at 6.7%.
On Friday, US Federal Reserve chairwoman Janet Yellen said an increase in Fed funds rate will likely be appropriate at Federal Open Market Committee’s (FOMC) 14-15 March meeting if policymakers determine that employment, inflation continue to evolve in line with expectations, Reuters reported.
The 10-year bond yield closed at 6.878% compared to its Friday ’s close of 6.784%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 1.82%, while foreign institutional investors (FIIs) have bought $1.55 billion and $423.90 million from local equity and debt markets, respectively.
Asian currencies were trading stronger. Indonesian rupiah was up 0.25%, Taiwan dollar 0.23%, Japanese yen 0.18%, Philippines peso 0.14%, Malaysian ringgit 0.14%, China renminbi 0.1%, China offshore 0.05%. However, South Korean won was down 0.14% and Thai baht 0.04%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.59, up 0.05% from its previous close of 101.54.