The Indian rupee rose against the dollar for the second consecutive day on Thursday on debt purchases by foreign institutions and gains in the local equity market.
After opening at 63.21 per dollar, the rupee was trading at 62.99—a level last seen on 19 December—at 11.20am, up 0.26% from its previous close of 63.18.
Foreign banks bought net Rs.7,534 crore ($1.2 billion) of India’s government bonds on Wednesday, the most since 20 August, according to Clearing Corp. of India Ltd data.
During 1 to 6 January 2015, the rupee weakened 0.21% against the dollar, while foreign institutional investors sold $118.8 million from local equity markets and bought $440.3 million from the debt market.
The yield on India’s 10-year benchmark bond stood at 7.833% compared with its Wednesday’s close of 7.859%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.142, up 0.24% from its previous close of 91.89.
Source:livemint.com
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