Rupee opens higher as crude holds losses

  • So far this year, the rupee has declined 1.87%
  • The yield on the most-traded 2028 paper was down 1 basis points to 7.52% from its previous close of 7.533

MUMBAI: Along with Asian currencies, the Indian rupee was trading higher against US dollar today as crude oil held losses amid pessimism over a possible trade deal between US and China.

At 9.15am, the currency was trading at 71.15 a dollar, up 0.40% from previous close of 71.44. The home currency opened at 71.10 a dollar.

The yield on the most-traded 2028 paper was down 1 basis points to 7.52% from its previous close of 7.533. The yield on government bonds due in January 2029 was trading little changed to 7.31% from its previous close of 7.305. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.19% to 36512.71 points. Year to date, it rose 1.04%.

So far this year, the rupee has declined 1.87% while foreign investors have sold $435.40 million and $342.60 million in the equity and debt markets respectively.

Asian currencies were trading higher. Philippines peso was up 0.32%, South Korean won 0.27%, Indonesian rupiah 0.25%, China Offshore 0.24%, China renminbi 0.22%, Thai Baht 0.14%, Singapore dollar 0.05% and Taiwan dollar 0.05%. However, Japanese yen was down 0.34%, Malaysian ringgit 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.312, up 0.01% from its previous close of 96.303.

(Bloomberg contributed this story)

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