Rupee closes at over two-week high against US dollar
Mumbai: The Indian rupee on Tuesday closed over two-week high against the US dollar, tracking gains in Asian currencies markets.
The home currency closed at 64.75 against the dollar—a level last seen on 16 October, up 0.16% from its Monday’s close of 64.85. The rupee opened at 64.83 a dollar. In October, the currency gained 0.8% its biggest gains since April.
Traders are cautious ahead of the US Federal Reserve meeting and a key US data release later in the week.
The BSE benchmark index fell 0.16%, or 53.03 points, to closed at 33,201.77. So far this year, the Sensex has gained 25%.
The 10-year bond yield closed at 6.862% compared to its previous close of 6.805%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 4.5%, while foreign institutional investors have bought $5.80 billion and $22.48 billion in equity and debt, respectively.
Asian currencies were trading higher. South Korean won was up 0.4%, China renminbi 0.31%, Indonesian rupiah 0.21%, Malaysian ringgit 0.17%, China offshore 0.14%, Taiwan dollar 0.11%, Philippines peso 0.08%, Japanese yen 0.06%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.519, down 0.04% from its previous close of 94.56.