Rising for the sixth consecutive session, the Indian rupee on Thursday strengthened marginally against the dollar, tracking the gains in the local equity markets.
At 9.12am, the rupee was trading at 61.59 per dollar, up 0.08%. The local currency opened at 61.61 per dollar compared with its previous close of 61.64.India’s benchmark equity index, BSE Sensex, was trading at 28,951.08 points, up 0.22%.
Most of the Asian currencies were trading mixed against the dollar. The Taiwan dollar was up 0.25%, Malaysian ringgit 0.1%, Indonesian rupiah 0.05%. However, South Korean won was down 0.25%, Japanese yen 0.23%, Thai baht 0.1%.
Indian stock markets also touched all-time highs on Thursday, reinforcing expectations of further foreign fund inflows. Since 14 January, the Sensex has gained 5.6%, or 1,542 points. FIIs have bought equities worth $837.07 million during the same period.
The yield on India’s 10-year benchmark bond stood at 7.699% compared with its Wednesday’s close of 7.691%. Bond yields and prices move in opposite directions.Since the beginning of this year, the rupee has strengthen 2.36% against the dollar, while foreign institutional investors have bought $436.7 million during the period from local equity markets and bought $2.21 billion from debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.881, down 0.03% from its previous close of 92.904.Dealers also awaited European Central Bank (ECB) meeting. There are expectations that ECB will buy at least €600 billion of government bonds, and possibly double that if the programme continues for two years.
Source:- livemint.com
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