Mumbai: The Indian rupee and bond prices gained on Wednesday after crude oil slumped amid concern about slowing global growth. The rupee strengthened for eight consecutive sessions its biggest winning streak since February 2017.
At 9.15 am, the rupee traded at 68.83 a dollar, up 0.19% from its previous close of 68.94. The Indian currency had opened at 68.87 a dollar.
Falling yields in global markets amid expectations of easing policy by federal reserve also boosted the sentiment. The 10-year bond yield was at 6.803%, compared with Tuesday's close of 6.88%. Bond yield and prices are moves in opposite direction.
Crude oil suffered its worst reaction in more than four years after OPEC meeting agreed to extend output cuts for nine months. Anxieties over global growth resurfaced following weak manufacturing reports from the US, China and Europe
Traders also awaiting measures to boost slowing economy by the government in Indian budget on 5 July.
The benchmark equity index Sensex was up 0.25% at 39,914.93 points. Year to date, the index has risen 10.5%.
So far this year, the rupee has risen 1.4% against the greenback. During the period, foreign investors bought $11.21 billion in Indian equities and $1.50 billion in the debt market.
Asian currencies were trading weaker. South Korean won was down 0.41%, China renminbi 0.17%, Taiwan dollar 0.14%, Philippines peso 0.09%. However, Japanese yen was up 0.26%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 96.697, down 0.03% from its previous close of 96.726.
(Bloomberg contributed to this story)