US President Donald Trump (L) shakes hands with Japan's Prime Minister Shinzo Abe (C) as they sit beside China's President Xi Jinping as they attend a meeting on the digital economy at the G20 Summit in Osaka (Photo: AFP)
US President Donald Trump (L) shakes hands with Japan's Prime Minister Shinzo Abe (C) as they sit beside China's President Xi Jinping as they attend a meeting on the digital economy at the G20 Summit in Osaka (Photo: AFP)

Rupee closes stronger on G20 Summit hopes

  • The market awaits US President Donald Trump’s Saturday meeting with his Chinese counterpart Xi Jinping at the G20 Summit
  • The rupee ended at 69.03 a dollar, a level last seen on 11 April, up 0.07% from its previous close of 69.07

Mumbai: The Indian rupee on Friday closed stronger against the US dollar for the fifth consecutive session, tracking other Asian currencies as traders focus on the G20 Summit in Japan.

The rupee ended at 69.03 a dollar, a level last seen on 11 April, up 0.07% from its previous close of 69.07. The Indian currency had opened at 69.06 a dollar and touched a high of 68.88.

The 10-year government bond yield closed at 6.879%, compared with Thursday's close of 6.895%.

The market awaits US President Donald Trump’s Saturday meeting with his Chinese counterpart Xi Jinping at the G20 Summit. There were no preconditions for the talks and the US may move ahead with additional tariffs if there is no deal with China.

Traders will also focus on Prime Minister Narendra Modi’s meeting with leaders at the G20 summit, the informal meeting of BRICS leaders, release of India’s balance of payments data for the quarter ended March, fiscal deficit data for April-May and output of eight key core industries for May.

"Indian rupee setting up for a big upside. Can still be derailed on failure of US-China trade talks. Positive developments there can lead to around 67 levels over the next few weeks," independent investment advisor Sandip Sabharwal said in a tweet.

The benchmark equity index Sensex was up 0.17% at 39,652.68 points. Year to date, the index has risen 9.77%.

So far this year, the rupee has risen 1% against the greenback. During the period, foreign investors bought $11.41 billion in Indian equities and $1.35 billion in the debt market.

Among Asian currencies, the Japanese yen was up 0.12%, Hong Kong dollar 0.05%, Thai baht 0.05%, Malaysian ringgit 0.05%, and South Korean won 0.04%. However, China Offshore was down 0.06%.

(Bloomberg contributed to this story)

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