Mumbai: The Indian rupee was trading little changed after swinging between gains and losses against US dollar on Friday after conflicting reports on the possibility of a Brexit deal between UK and Europe. Traders were also cautious and pricing in a rate cut by fed reserve following mixed economic data.

At 9.10 am, the home currency was trading at 71.16 a dollar, up 0.01% from Thursday's close of 71.17. The Indian unit had opened at 71.19 a dollar and touched a high and a low of 71.14 and 71.21 respectively.

Traders also exercised cautioned and awaiting fresh cues on potential trade deal between US and China. Traders will also await Reserve Bank of India's minutes of latest monetary policy that are due later today.

The yield on the 10-year Indian government bond was at 6.498% compared with its previous close of 6.497%. Bond yield and prices moves in opposite directions.

In pre-opening today, the benchmark Sensex index rose 0.37%, or 144.35 points, to 39,196.41. So far this year it gained 7.02%.

In the year so far, the rupee has weakened 1.93%, while foreign investors have bought nearly $8.72 billion in Indian equities and $3.99 billion in debt.

Asian currencies were trading higher. South Korean won was up 0.59%, Taiwan dollar 0.12%, Thai Baht 0.1%, Japanese yen 0.1%, Indonesian rupiah 0.07%, China Offshore 0.07%, China Offshore 0.05%, However, Malaysian ringgit was down 0.13%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.593, down 0.01% from its previous close of 97.607.

(Bloomberg contributed this story)

Close