Mumbai: The Indian rupee on Monday strengthened for sixth consecutive sessions against US dollar on a narrower current account deficit and a temporary US-China trade war truce.
At 9.15 am, the rupee traded at 68.95 a dollar, up 0.14% from its previous close of 69.03. The Indian currency had opened at 68.95 a dollar and touched a high of 68.90.
India's current account deficit for March quarter stood at $4.60 billion or 0.7% of gross domestic product against $17.7 billion, or 2.7% of GDP a previous quarter. That compares with a median $6.1 billion deficit estimated in a Bloomberg survey.
Donald Trump and Xi Jinping’s meeting over the weekend, at which the leaders of the two largest economies agreed to resume negotiations. Traders will now focus on US jobs data due Friday for clues on the Federal Reserve’s next move on policy.
The 10-year bond yield was at 6.9%, compared with Friday's close of 6.879%. Bond yield and prices move in opposite direction.
The benchmark equity index Sensex was up 0.38% at 39,543.73 points. Year to date, the index has risen 9.22%.
So far this year, the rupee has risen 1% against the greenback. During the period, foreign investors bought $11.42 billion in Indian equities and $1.16 billion in the debt market.
Asian currencies were trading higher. China Offshore was up 0.41%, China renminbi 0.38%, Thai Baht 0.37%, Philippines peso 0.3%, Indonesian rupiah 0.13%, Taiwan dollar 0.09%. However, Japanese yen was down 0.35%, South Korean won 0.12%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 96.358, up 0.24% from its previous close of 96.13.
(Bloomberg contributed to this story)