The Indian rupee strengthened to 60 per dollar on Thursday in the opening trade, in line with other Asian currencies.The home currency opened at 60.06 per dollar against its previous close of 60.40. At 9.20am, the rupee was trading at 59.93 per dollar, up 0.79% from its previous close. It touched a high of 59.93 in intraday.
The US Federal Reserve Open Market Committee trimmed bond-buying by $10 billion for a fifth straight meeting, to $35 billion, keeping it on pace to end the programme late this year. Central bank has also said that economic activity in the US is rebounding and suggested that interest rates in the long run would be lower.
Most of the Asian currencies were trading higher. The Philippines peso was trading up 0.6%, Indonesian rupiah was up 0.6%, Malaysian ringgit rose 0.5%, South Korean won jumped 0.4%, Taiwan dollar rose 0.2%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.374, down 0.26% from its the previous close of 80.584.
India’s equity benchmark Sensex was trading at 25,320 points on BSE, up 0.3%.The yield on India’s 10-year benchmark bond was trading at 8.64%, compared with its Wednesday’s close of 8.66%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 2.94% against the dollar, while foreign institutional investors have bought $9.91 billion from local equity markets.
Source:- livemint.com
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