The Indian rupee on Wednesday strengthened against the US dollar, tracking gains in Asian currencies as dealers await wholesale-price inflation data due later this week.

At 2 pm, the rupee was trading at 70.59 a dollar, up 0.18% from its previous close of 70.72. The currency opened at 70.50 a dollar, touching a high 70.40 and a low 70.66.

Bloomberg survey suggests wholesale price inflation softening to 3.7% in January; in December it was 3.8%, lowest since April 2018.

The 10-year bond yield stood at 7.277%, from its Tuesday’s close of 7.357%. Bond yields and prices move in opposite directions.

So far this year, rupee has weakened 1.15% against the US dollar while foreign investors have bought $334.52 million and sold $502.35 million in equity and debt markets, respectively.

Asian currencies were trading higher. China renminbi gained 0.192%, South Korean Won 0.189%, Indonesian Rupiah 0.114%, Malaysian Ringgit 0.098%, China Offshore 0.028%, Singapore Dollar 0.022%, Taiwan Dollar 0.016% and Hong Kong Dollar 0.003%. However, Japanese Yen lost 0.235%, Philippine Peso 0.023% and Thai Baht 0.023%, .

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.820, up 0.11% from its previous close of 96.709.

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