The Indian rupee strengthened for the sixth consecutive session against the dollar on Monday, tracking the gains in Asian currencies market.
At 2.10pm, the home currency was trading at 62.31 per dollar, up 0.25% from previous close of 62.47.? The local unit opened at 62.37 per dollar and touched a high of 62.24, a level last seen on 5 March.
“Dollar has been weakening against most global currencies after last week’s Federal Open Market Committee (FOMC) meeting where interest rate hike in the US was deferred for some time and this is reflecting in the rupee as well. The market will be watching 61.70-61.80 level for the rupee next before any major movement,” said Pramit Brahmbhatt, chief executive officer, Veracity Financial Services.
The Sensex equity index fell 0.10%, or 28.50 points, to 28,234.17 points. Major Asian currencies were trading higher against the dollar. The Malaysian ringgit was up 1.1%, South Korean won was up 0.74%, Indonesian rupiah was up 0.72%, Philippines peso was up 0.31%, while Taiwan dollar was up 0.11%. However, China offshore and China renminbi were down 0.16% each.
The yield on India’s 10-year benchmark bond was trading at 7.742% compared with its Friday’s close of 7.746%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 0.92%, while foreign institutional investors have bought $5.47 billion from the local equity markets and $6.38 billion from the bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.177, up 0.27% from the previous close of 97.909.
Source:livemint.com
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