Rupee trades higher for third session on robust foreign inflows
Traders eye key gross domestic product data for September quarter, due on FridayThe Indian unit had opened 71.32 against the US dollar
Mumbai: The Indian rupee traded higher against the US dollar for the third session on Thursday on continued buying from foreign investors in local equity markets.
At 9.10 am, the domestic currency was trading at 71.32 a dollar, up 0.05% from Wednesday's close of 71.36. The Indian unit had opened 71.32 a dollar.
Traders eye key gross domestic product data for September quarter, due on Friday. GDP growth is likely to have slowed to 4.6% in the September quarter, the least since the first three months of 2013, according to a median of estimates polled by Bloomberg.
The yield on the 10-year Indian government bond was at 6.462% compared with its previous close of 6.473%.
In the year so far, the rupee has weakened 2.35%, while foreign investors have bought nearly $13.4 billion in Indian equities and $4.41 billion in debt.
In pre-opening trade, the benchmark Sensex rose 0.18% or 72.69 points to 41093.30 points. Year to date, it has gained 13.37%.
Asian currencies were trading lower after US President Donald Trump signed a bill supporting pro-democracy protesters in Hong Kong, raising questions over the US-China trade talks.
South Korean won was down 0.24%, China Offshore fell 0.13%, Singapore dollar was 0.09% lower, and Malaysian ringgit lost 0.04%. However, Japanese yen was up 0.06%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.33, down 0.04% from its previous close of 98.37.
(Bloomberg contributed this story)
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