MUMBAI: In its biggest winning streak since November 2018, the Indian rupee on Tuesday opened higher for the seventh consecutive session against the US dollar, a day before the Federal Reserve’s monetary policy decision.
At 9.15am, the rupee was trading at 68.51 a dollar, up 0.03% from its previous close of 68.53. The home currency opened at 68.59 a dollar and touched a high and a low of 68.51 and 68.59 respectively.
Oil is trading near its highest level this year after OPEC and its partners committed to continue production cuts until at least June, when they will meet to discuss an extension.
The 10-year bond yield was trading at 7.339% from its Monday's close of 7.317%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 1.8%, while foreign investors have bought $5.23 billion in equity and sold $396.70 million in debt market.
India's benchmark index Sensex rose 0.34% to 38155.29 points. Year to date, it rose 5.62%.
Asian currencies were trading higher. South Korean won was up 0.21%, Japanese yen 0.20%, Thai Baht 0.17%, Indonesian rupiah 0.11%, Taiwan dollar 0.08%, China Offshore 0.06%. However, Philippines peso was down 0.21%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.429, down 0.1% from its previous close of 96.524.
(Bloomberg contributed this story)