Rupee inches higher against US dollar1 min read . Updated: 12 Feb 2019, 02:10 PM IST
- Industrial production and consumer inflation data will be announced later today
- Asian currencies were trading mixed against US dollar
The Indian rupee today strengthened against the US dollar as traders await key macroeconomic data due after 5.30 pm.
At 2 pm, the rupee was trading at 70.86 a dollar, up 0.44% from its previous close of 71.17. The currency opened at 71.16 a dollar, touching a high 70.76 and a low 71.20.
The 10-year bond yield stood at 7.341%, as compared to its Monday’s close of 7.355%. Bond yields and prices move in opposite directions.
The government will later today issue Index of Industrial Production (IIP) and Consumer Price Index (CPI) data for December and January respectively. According to Bloomberg analyst estimates, IIP will be at 1.5% against 0.5% a month ago and CPI will be 2.54% against 2.19% a month ago. The government will also release Wholesale Price Index (WPI) inflation data on 14 February.
So far this year, rupee has weakened 1.54% against the US dollar while foreign investors bought $391.41 million and sold $442.26 million in equity and debt markets, respectively.
Asian currencies were trading mixed. Indonesian Rupiah lost 0.064%, Malaysian Ringgit 0.071%, Japanese Yen 0.181%, Taiwan Dollar 0.026% and Hong Kong Dollar 0.001%. However, Thai Baht gained 0.265%, Singapore Dollar 0.132%, China Offshore 0.166%, China Renminbi 0.196%, South Korean Won 0.071% and Philippine Peso 0.071%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.030, down 0.03% from its previous close of 97.057.