Mumbai: The rupee on Thursday closed higher for the third consecutive session against the US dollar due to a fall in oil prices and continued buying support from foreign investors in local equity markets.
The rupee ended at a two-week high of 69.36 a dollar, a level last seen on 18 April, up 0.30% from its previous close of 69.57. The Indian currency had opened at 69.63 against the US dollar. Year-to-date, the currency has weakened marginally by 0.5%.
Since 24 April, global crude oil prices have declined nearly 4.1%. Foreign investors have bought nearly $10 billion in equity markets since the beginning of the year. However they were net sellers of around $5.08 billion in bond markets.
The 10-year bond yield closed at 7.387% compared with Tuesday's close of 7.411%. Bond yields and prices move in the opposite direction.
The Sensex fell 0.13% to 38,981.43. Year-to-date, it has risen 8.22%.
Asian currencies were trading lower. 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% and 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.
Bloomberg contributed this story