The Indian rupee on Thursday was trading little changed against US dollar as traders avoided taking long positions due to a truncated trading week. This week markets are open only for three days. On 1 May, markets were shut due to Maharashtra Day, while 29 April was a holiday because of polling for Lok Sabha elections in Mumbai.

Globally also Japan is on a 10-day holiday from April 27 to May 6 to celebrate the enthronement of the country’s Crown Prince Naruhito. China is on four-day Labor Day national holiday began on May 1.

At 9.08 am, the rupee traded at 69.55 a dollar, up 0.03% from its previous close of 69.57. The Indian currency had opened at 69.63 a dollar.

The 10-year bond yield inched lower to 7.398% compared with Tuesday's close of 7.411%. Bond yields and prices move in opposite directions.

So far this year, the rupee has weakened 0.7% against US dollar, while foreign investors have bought $9.90 billion in equity and sold $5.08 billion in debt market.

India's benchmark Sensex Index rose 0.09% to 39066.50 points in pre-open trade. Year to date, it has risen 8.22%.

Most Asian currencies were trading lower against US dollar. Philippines peso was down 0.2%, Japanese yen 0.13%, Malaysian ringgit 0.06%, China Offshore 0.06%, South Korean won 0.05%. However, Indonesian rupiah was up 0.13%, Singapore dollar 0.05%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.617, down 0.07% from its previous close of 97.618.

(With Agency Inputs)

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