(Reuters)
(Reuters)

Rupee edges higher against US dollar

  • Rupee closed at 71.24 a dollar, down 0.17% from its previous close of 71.12
  • The currency opened at 71.05 a dollar, touching a high 70.92 and a low 71.26

The rupee on Thursday weakened against the US dollar as a jump in Brent oil prices above $67 a barrel leads to a wider current-account deficit and inflation.

Rupee closed at 71.24 a dollar, down 0.17% from its previous close of 71.12. The currency opened at 71.05 a dollar, touching a high 70.92 and a low 71.26.

The 10-year bond yield stood at 7.35%, from its Wednesday’s close of 7.339%. Bond yields and prices move in opposite directions.

The benchmark Sensex gained 0.40% or 142.09 points to close at 35,898.35 points. Since January, it has lost 0.47%.

So far this year, the rupee has weakened 2.07%, being the worst performer among Asian currencies, while foreign investors have sold $309.42 million and $492.37 million in the equity and debt markets, respectively.

Asian currencies were trading mixed. Thai baht lost 0.295%, Philippine peso 0.268%, Malaysian ringgit 0.216%, Indonesian rupiah 0.192%, South Korean won 0.147%, Singapore dollar 0.081% and Taiwan dollar 0.029%. However, Japanese yen gained 0.081%, China renminbi 0.042%, China offshore 0.025% and Hong Kong dollar 0.020%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.558, up 0.11% from its previous close of 96.454.

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