Rupee closes higher against US dollar
The rupee ended at 67.43 against the US dollar, up 0.13% from its previous close of 67.51
Mumbai: The Indian rupee on Monday strengthened marginally against the US dollar ahead of key domestic as well as global events this week.
The home currency ended at 67.43 against the US dollar, up 0.13% from its previous close of 67.51. The currency opened at 67.48 a dollar and touched a high and a low of 67.29 and 67.48, respectively.
Traders await consumer price index (CPI)-based inflation and index of industrial production (IIP) data on Tuesday. According to Bloomberg estimates, IIP will be at 6% for April from 4.4% a month ago. CPI inflation may come at 4.8% for May versus 4.58% last month.
Moreover, investors will also keep an eye on the outcome of monetary policy reviews by the world’s three biggest central banks.
The Federal Reserve is expected to raise interest rates on Wednesday, while the European Central Bank members are poised to hold the first formal talks on ending its bond-buying program on Thursday. The Bank of Japan meets Friday, with no change to policy expected.
The 10-year bond yield ended at 7.962% from its Friday’s close of 7.947%. Bond yields and prices move in opposite directions.
So far this year, the rupee has weakened 5.30%, while foreign investors have bought $166.40 million and sold $4.56 billion in equity and debt markets, respectively.
Benchmark Sensex Index rose 0.11% or 39.80 points to 35,483.47. Since January, it has gained 4.1%.
Asian currencies were trading lower. Indonesian rupiah was down 0.41%, Japanese yen 0.32%, Philippines peso 0.11%, Thai baht 0.09%. However, South Korean won was up 0.29%, Singapore dollar 0.14%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.484, down 0.06% from its previous close of 93.535.
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