The Indian rupee on Monday strengthened in the opening trade against the dollar, tracking gains from the Asian currencies market.The local unit opened at 61.08 per dollar. At 9.10am, the home currency was trading at 61.07, up 0.13% from previous close of 61.15, while India’s equity benchmark Sensex index was trading at 25,476.87 points on BSE, up 0.58%.
The government will issue Consumer Price Index (CPI)-based inflation data for July and Index of Industrial Production (IIP) data for June after 5.30pm on Tuesday.The government will issue Wholesale Price Index (WPI)-based inflation data for the month of July after 12pm on Tuesday.
Bloomberg estimates that CPI will be 7.40% for July as compared with 7.31% in June while IIP will be 5.5% for Jun as compared with 4.7% in May. Bloomberg estimates for WPI will be 5.1% for July as compared with 5.43% in June.
Most of the Asian currencies were trading higher. The Indonesian rupiah was trading up 0.68%, South Korean won was up 0.56%, Philippines peso rose 0.55%, Malaysian ringgit jumped 0.28%, Singapore dollar soared 0.23% and Taiwan dollar up 0.14%.
The yield on India’s 10-year benchmark bond was trading at 8.641%, compared with its Friday’s close of 8.634%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 1.2%, while foreign institutional investors have bought $12.12 billion from local equity markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.445, up 0.07% from the previous close of 81.389.
Source:- livemint.com
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