The Indian rupee was trading higher at 61.94/95 per dollar on Monday morning compared with its close of 62.04/05 on Friday, tracking slight gains in most Asian currency markets.
Traders will monitor the domestic stock market for further cues on the direction of foreign fund flows. The benchmark BSE Sensex was trading flat almost 50 points higher in early trade. The MSCI index of Asian shares ex-Japan rose 0.4%.
Asian currencies were trading mixed versus the dollar. The US currency extended losses against the yen and euro on profit-taking Monday following solid gains last week, but analysts said upbeat sentiment over the improving US economy would continue to provide long-term support.
Traders expect the pair to hold in a 61.80 to 62.20 range during the session.
Meanwhile, the benchmark 10-year bond yield falls 3 basis points to 8.77% after Prime Minister’s Economic Advisory Council chairman C. Rangarajan was quoted as saying inflation is easing in December.
According to media reports, Rangarajan said headline inflation and retail inflation will ease to 6.5% and 9.2%, respectively, in December on falling vegetable prices.
Longer-dated US treasury debt prices rose on Friday, which are also providing some support to bonds.
Source:- livemint.com
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