Rupee recovers 21 paise to 72.91 against US dollar
Better opening of the domestic equity market also supported the rupee
Mumbai: Indian rupee strengthened marginally against US dollar early Tuesday. Traders avoided taking huge positions as market will remain closed on Wednesday and Thursday for Diwali holidays.
At 9.15am, the Indian currency was trading at 72.97 a dollar, up 0.22% from its Monday’s close of 73.13. The currency opened at 72.91 a dollar.
The 10-year government bond yield stood at 7.799% from its previous close of 7.808%. Bond yields and prices move in opposite directions.
Benchmark Sensex rose 0.10% or 34.88 points to 34,985.80 points. Year to date, it has rose 2.6%.
So far this year, the rupee has declined 12.5%, while foreign investors have sold $5.65 billion and $7.81 billion in the equity and debt markets, respectively.
Asian currencies were trading mixed ahead of US midterm elections Tuesday. Indonesian Rupiah was up 0.77%, Philippines Peso 0.21%, China Renminbi 0.06%. However, Malyasian Ringgit was down 0.43%, Thai Baht, Japanese yen and China Offshore were down 0.08% each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.339, up 0.06% from its previous close of 96.279.
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