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Rupee had closed at 71.33 against USD on Wednesday
Rupee had closed at 71.33 against USD on Wednesday

Rupee trades higher against US dollar

  • Other Asian currencies also traded higher against US dollar
  • But so far this year, rupee has declined nearly 2% against the US dollar

Indian rupee along with Asian currencies on Thursday strengthened as dollar held steady amid optimism about improvements in the China-US trade relations. In early trade, the currency was trading at 71.28 a dollar, higher than its previous close of 71.33. The home currency opened at 71.26 a dollar.

The yield on the most-traded 2028 paper was trading at 7.568% from its previous close of 7.579. The yield on government bonds due in January 2029 was trading little changed to 7.317% from its previous close of 7.305. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.17% to 36168.48 points. Year to date, it is rose 0.11%.

So far this year, the rupee has declined 2.19%. Foreign investors have sold $372.60 million and $356.70 million in the equity and debt markets respectively.

Asian currencies were trading higher. Indonesian rupiah was up 0.23%, China renminbi 0.1%, Japanese yen 0.08%, Malaysian ringgit 0.05%, Taiwan dollar 0.04%. However, Philippines peso and Thai Baht were down 0.06% each.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.068, down 0.06% from its previous close of 96.123.

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