Mumbai: The rupee strengthened against the US dollar on Friday, tracking gains in Asian currencies due to the lack of any further escalation in the US China trade war. At 9.12am, the rupee was trading at 71.93 to a dollar, up 0.70% from its Wednesday’s close of 72.38. The home currency opened at 71.86 per dollar. The 10-year gilt yield stood at 8.031%, below its previous close of 8.07%. Bond yields and prices move in opposite directions.

The rupee has weakened 11.5% in 2018, while foreign investors have sold $923.80 million and $6.51 billion in the equity and debt markets, respectively.

The Sensex rose 0.55%, or 203.20 points, to 37,313.71. Since January, it has gained 10%.

Asian currencies were trading higher. The South Korean won was up 0.33%, Hong Kong dollar 0.24%, Malaysian ringgit 0.19%, Taiwan dollar 0.16%, Philippines peso 0.12%, Indonesian rupiah 0.07%. However, the Japanese yen was down 0.19%, Thai Baht 0.18%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.906, down 0.01% from its previous close of 93.912.

Bloomberg contributed to this story

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