Rupee opens higher against US dollar1 min read . Updated: 25 Feb 2019, 09:20 AM IST
- Most Asian currencies are higher after Trump delays tariff hike on Chinese goods
- A fall in crude oil also helped the rupee
Indian rupee on Monday strengthened against US dollar, tracking gains in other Asian currencies on expectations that the US-China trade tensions are easing. The fall in crude oil also helped the home currency. At 9.08 am, the rupee was trading at 71.01 a dollar, up 0.18% from its previous close of 71.14. The home currency opened at 71.03 a dollar.
Asian currencies gained after US President Donald Trump said he will extend a deadline to raise tariffs on Chinese goods beyond this week, citing “substantial progress" in the latest round of trade talks that wrapped up Sunday in Washington.
The 10-year bond yield was trading at 7.41%, as compared to its Friday's close of 7.415%. Bond yields and prices move in opposite directions.
So far this year, the rupee has declined 1.85%, while foreign investors have bought $41.5 million in equity and sold $607.40 million in debt market.
Asian currencies were trading higher. South Korean won was up 0.41%, China renminbi 0.34%, China Offshore 0.31%, Indonesian rupiah 0.29%, Malaysian ringgit 0.21%, Philippines peso 0.13%, Japanese yen 0.05%, Thai Baht 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.48, down 0.03% from its previous close of 96.507.
(Bloomberg contributed this story)