Rupee closes at 3-week high against US dollar

Live Mint 
July 17, 2018
Ravindra N. Sonavane

The Indian rupee on Tuesday closed at a three-week high against the US dollar as crude oil prices declined after comments from US Treasury secretary Steven Mnuchin. The rupee ended at 68.46 a dollar—a level last seen on 26 June—up 0.16% from its previous close of 68.57. The currency opened at 68.38 a dollar and touched a high and a low of 68.28 and 68.47, respectively.

Overnight, oil prices fell over 4% after US officials suggested the US will take a softer stance on countries that import oil from Iran.

Traders awaiting Federal Reserve Chairman Jerome Powell’s testimony to Congress later Tuesday.

The 10-year bond yield stood at 7.745%, from its Monday’s close of 7.801%. Bond yields and prices move in opposite directions.

So far this year, the rupee has weakened 6.55%, while foreign investors have sold $800 million and $6.34 billion in equity and debt markets, respectively.

Benchmark Sensex Index rose 0.54% or 196.19 points to 36,519.96. Since January, it has gained 7%.

Asian currencies were mainly stronger following weakness in dollar on Monday and a lack of any further development on trade. South Korean won was up 0.39%, China renminbi 0.18%, China offshore 0.12%, Singapore dollar 0.07%, Thai Baht 0.07%, Taiwan dollar 0.06%. However, Japanese yen was down 0.12%, Malaysian ringgit 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.514, up 0.01% from its previous close of 94.511.

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