The Indian rupee was trading marginally higher on Friday, tracking the gains in local equity markets, after the markets took comfort in US Federal Reserve indicating to delay its rate hike further down the calendar.
At 2.01pm, the home currency was trading at 63.71, up 0.04% from its previous close of 63.73. The local unit opened at 63.67 per dollar and touched a high of 63.65, a level last seen on 1 June, and a low of 63.86.
The local equity market was trading higher for the sixth consecutive session. The Sensex was trading at 27,315.99, up 0.74%, or 200.16 points. Since 11 June till date, the Sensex has gained 745 points, or 2.8%. Trading in currency, bond and equities markets were thin on account of incessant rainfall in Mumbai.
The yield on India’s 10-year benchmark bond was trading at 7.717% compared with its Thursday’s close of 7.761%. Bond yields and prices move in opposite directions. Since the beginning of this year, the rupee has lost 1.1%, while foreign institutional investors have bought $6.36 billion from local equity and $6.40 billion from bond markets.
Most of the Asian currencies were trading lower. Malaysian ringgit was down 0.84%, Philippines peso 0.39%, Singapore dollar 0.25%, Indonesian rupiah 0.14%, Japanese yen 0.13%, while the Taiwan dollar declined 0.13%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.371, up 0.36% from its previous close of 94.042.
Source:livemint.com
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