The rupee was trading higher against the US dollar on Tuesday amid dollar sales by exporters in quiet trade as dealers awaited new cues.
At 2.45pm, the home currency was trading at 60.48 per dollar, up 0.27% from previous close. It opened at 60.62 and touched a high and a low of 60.43 and 60.64, respectively.
India’s benchmark index, S&P BSE Sensex, was trading at 22,529.93 points, down 0.45%.Traders were cautious ahead of the two-day US Federal Open Market Committee (FOMC) meeting starting later on Tuesday.
Dollar inflows from exporters supported the rupee.“Overall range-bound movement in the rupee is mainly dictated by global factors such as tensions in Ukraine while locally investors are awaiting the outcome of the elections,” India Forex Advisors, a local foreign exchange advisory firm, said in a note earlier on Tuesday.
Since the beginning of this year, the rupee has gained 2.23%, while foreign institutional investors (FIIs) have bought $5.05 billion during the period from local equity markets.The yield on India’s 10-year benchmark bond was trading at 8.855%, compared with its Monday’s close of 8.857%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.632, down 0.06% from the previous close of 79.683.
Source:- livemint.com
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