The Indian rupee strengthened from its previous close on Tuesday afternoon, tracking other Asian currencies.At 2.35pm, the home currency was trading at 60.5225 a dollar, up 0.07% from its previous close of 60.565.
The local unit opened at 60.535 and strengthened as much as 60.4737 in morning trades.The dollar index, which measures the US currency’s strength against major currencies, was trading at 82.544, down 0.01% from the previous close of 82.549.
Since the beginning of this year, the rupee has gained 2.12%, while foreign institutional investors have bought $12.77 billion during the period from local equity markets.
The 30-share benchmark S&P BSE Sensex slipped for the first time in four days, falling 0.32% to 26,353.15 points while the National Stock Exchange’s broader 50-share Nifty lost 0.39% to 7,963.30 points.
The yield on India’s 10-year benchmark bond was trading at 8.557%, compared with its Monday’s close of 8.559%. Bond yields and prices move in opposite directions.
The government will issue gross domestic product (GDP) data for the June quarter on 29 August. According to analysts estimates, GDP growth will touch 5.5% for the June quarter from 4.6% in March quarter. The Controller General of Accounts will release fiscal deficit data for July on 28 August.
Source;-livemint.com
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