Indian rupee gains as appetite for emerging market assets improve1 min read . Updated: 14 Oct 2019, 09:25 AM IST
- The yield on the 10-year Indian government bond was at 6.509%
- The Indian unit had opened at 70.87 against the US dollar
Mumbai: The Indian rupee opened higher against the US dollar for the third session on Monday tracking gains in Asian currencies after appetite for risky emerging market assets improved with the US and China agreeing on the outlines of a partial trade accord.
At 9.06 am, the domestic currency was trading at 70.83 a dollar, up 0.26% from Friday's close of 71.02. The Indian unit had opened at 70.87 a dollar.
Yield on the 10-year Indian government bond was at 6.509% compared with its previous close of 6.508%.
Traders exercised caution ahead of the release of the Consumer Price Index-based inflation data. According to Bloomberg analysts estimate, CPI is estimated to be around 3.80% in September against 3.21% in August.
Meanwhile, the benchmark equity index Sensex rose 0.4% or 148.82 points to 38276. So far this year, it has gained 5.7%.
In the year so far, the rupee has weakened 2%, while foreign investors have bought nearly $7.50 billion in Indian equities and $3.84 billion in debt.
Among Asian currencies South Korean won was up 0.45%, China renminbi 0.35%, Singapore dollar 0.26%, China Offshore 0.21%, Philippines peso 0.19%, Malaysian ringgit 0.14%, Indonesian rupiah 0.13%, and Taiwan dollar 0.05%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.43, up 0.13% from its previous close of 98.30.
(Bloomberg contributed this story)