Rupee rises against dollar tracking gains in Asian currencies

Mint
September 11, 2019

The currency opened at 71.87 a dollar, touching a high of 71.60 and a low of 71.87.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.454, up 0.13%, from its previous close of 98.326.

Mumbai: The Indian rupee strengthened against the US dollar on Wednesday tracking gains in other Asian currencies.At 2 pm, the domestic currency was trading at 71.65 dollar, up 0.08% from its previous close of 71.71. The currency opened at 71.87 a dollar, touching a high of 71.60 and a low of 71.87.

The 10-year government bond yield rose 8 basis points to 6.66% from Monday’s close of 6.58%, whereas prices declined 0.54% to 104.14 rupees. Bond yields and prices move in opposite direction. Stocks, bonds, and currency markets were shut on Tuesday for Muharram.

Benchmark equity index Sensex gained 0.36% or 133.20 points to 37278.65 points in afternoon trade. Since January, it has gained 3.36%. So far this year, the rupee lost 2.63%. Foreign investors have bought $6.36 billion and $4.67 billion in equity and debt markets, respectively.

Most Asian currencies were trading higher. South Korean Won gained 0.210%, Taiwan Dollar rose 0.157%, Singapore Dollar climbed 0.080%, Thai Baht soared 0.020%, Indonesian Rupiah advanced 0.071% and Hong Kong Dollar was up 0.004%. The Japanese Yen lost 0.213%, Philippines Peso was down 0.196%, Malaysian Ringgit lost 0.187%, China Offshore fell 0.060% and China renminbi slumped 0.030%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.454, up 0.13%, from its previous close of 98.326.


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