Rupee rises 23 paise to 70.02 against US dollar

  • India's benchmark Sensex index rose 0.87% to 39,067.33 points
  • So far this year, the rupee has weakened 0.7%, while foreign investors have bought $9.32 billion in equity and $11.6 million in the debt market

The Indian rupee on Friday strengthened against the US dollar after local equity markets surged as global crude oil prices fell for the second session after having surged above $75 a barrel.

The rupee ended at 70.02 a dollar, up 0.35% from its previous close of 70.26. The currency opened at 70.14 a dollar.The 10-year bond yield closed at 7.412% against Thursday's close of 7.446%. Bond yields and prices move in opposite directions.

India's benchmark Sensex index rose 0.87% to 39,067.33 points. Year to date, it has risen 7.38%. Brent crude traded at $73.05/bbl, down 1.75% from its previous close. Oil has climbed more than 40% this year amid output cuts by the Organization of Petroleum Exporting Countries and its allies and supply disruptions from Venezuela to Libya. It has also received a boost from the recent US decision to end waivers on Iranian sanctions.

So far this year, the rupee has weakened 0.7%, while foreign investors have bought $9.32 billion in equity and $11.6 million in the debt market. Asian currencies traded higher. The China Offshore was up 0.18%, the China renminbi rose 0.14%, the Malaysian ringgit was up 0.14%, the Thai baht was 0.12% higher, the Singapore dollar was up 0.1%, and the Philippine peso rose 0.07%. However, the South Korean won was down 0.05%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.147, a tad lower than its previous close of 98.203.

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