Mumbai: The Indian rupee on Friday opened marginally weaker but soon pared losses, and traded little changed against US dollar amid mixed cues from other Asian currencies.
At 9.05am, the rupee traded at 70.89 a dollar, down from Thursday's close of 70.88. The Indian unit had opened at 70.97 a dollar.
The benchmark Sensex was up 0.57% or 220.48 points at 39210.22. So far this year, the index has gained 8%.
Meanwhile, a panel set up by the Reserve Bank of India (RBI) has recommended that the central bank’s liquidity framework be made flexible enough to adapt to conditions when the system requires liquidity to be in surplus mode.
The yield on the 10-year Indian government bond was at 6.759% compared with its previous close of 6.717%.
In the year so far, the rupee has weakened 1.56%, while foreign investors have bought nearly $6.68 billion in Indian equities and $4.35 billion in debt.
Other Asian currencies traded on a mixed note as the political drama in the US damped risk appetite, adding to concern over the trade war and a slowing global growth
The South Korean won was down 0.24%, Indonesian rupiah 0.19%, China Offshore 0.06%, Hong Kong dollar 0.04%. However, Philippines peso was up 0.17%, Japanese yen 0.1%, Thai Baht 0.07%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 99.167, up 0.04% from its previous close of 99.132.
Bloomberg contributed this story