Rupee opens higher against US dollar

Rupee opens higher against US dollar

Mumbai: The Indian rupee strengthened against the US dollar on Thursday, tracking gains in the Asian currencies market.

At 9.15am, the home currency was trading at 63.96, up 0.21% from its previous close of 64.09. The local currency opened and touched a high of 63.94 a dollar.

Traders are cautious ahead of the Wholesale Price Inflation data due after 12pm. According to Bloomberg estimates, WPI will be at 3.2% for January from 3.58% a month ago.

India’s benchmark Sensex index rose 0.2% or 67.77 points to 34,223.72. So far this year, Sensex has risen 0.29%.

India’s 10-year bond yield was at 7.561% from its Wednesday’s close of 7.491%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has fallen 0.14%, while foreign institutional investors have bought $1.13 billion from local equity and $2.11 billion in debt markets.

Asian currencies were trading higher. Taiwan dollar was up 0.71%, Malaysian ringgit 0.64%, South Korean won 0.52%, Indonesian rupiah 0.51%, Japanese yen 0.38%, Thai baht 0.09%, Philippines peso 0.09% and China offshore 0.09%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 88.92, down 0.23% from its previous close of 89.121.

 

Source by livemint..

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