The Indian unit had opened at 70.98.
The Indian unit had opened at 70.98.

Rupee gains against US dollar

  • Rupee closes at 70.82 a dollar, up 0.08% from Tuesday's close of 70.88
  • Yield on the 10-year bond was at 6.627% compared with its previous close of 6.667%

Indian rupee strengthened against the US dollar on Wednesday as traders assess a report that said tariffs on Chinese goods will likely stay in place until the US presidential election.

Rupee closed at 70.82 a dollar, up 0.08% from Tuesday's close of 70.88. The Indian unit had opened at 70.98.

Yield on the 10-year government bond was at 6.627% compared with its previous close of 6.667%.

Year-to-date, the rupee has strengthened 0.79%, while foreign investors have bought nearly $333.44 million in Indian equities and sold $1.04 billion in debt.

Benchmark index, Sensex index fell 0.19%, or 79.90 points, to close at 41872.73 points. Year-to-date, the index gained 1.50%.

Asian currencies closed mixed. Philippines peso fell 0.26%, Indonesian rupiah 0.11%, Taiwan dollar 0.07%, South Korean won 0.06%, Malaysian ringgit 0.05%, China Renminbi and China Offshore were down 0.04% each. However, the safe haven Japanese yen gained 0.06%, Hong Kong dollar 0.08%, Thai bhat 0.07% and Singapore dollar 0.007%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.285, down 0.09% from its previous close of 97.372.

(Bloomberg contributed this story)

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