Mumbai: The Indian rupee on Monday erased all early losses to trade marginally higher against the US dollar in noon trade after some banks sold dollars on behalf of exporters.
At 2pm, the home currency was trading at 66.60, up 0.05% from its previous close of 66.64. The rupee opened at 66.86 and touched a high and a low of 66.58 and 66.87 respectively.
There will be no bank transactions on 1 April due to the annual closure of accounts.
India’s benchmark Sensex index fell 1.03% or 259.78 points to 25,077.78 points. Since 1 March to 22 March, foreign institutional investors (FIIs) bought $2.58 billion equities in the local markets due to which stock markets gained 9% or over 2,050 points. However, markets are still down 4% so far this year.
Since the beginning of this year, the rupee has lost 0.65%, while FIIs have sold $288.20 million from local equity and $889.60 million in debt markets.
Most Asian currencies were trading mixed. Malaysian ringgit was up 0.56%, South Korean won 0.28%, Singapore dollar 0.15%, Taiwan dollar and China Offshore spot were up 0.1% each. However, Indonesian rupiah was down 0.4%, Japanese yen 0.36% and Thai baht 0.21%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.237, down 0.04% from its previous close of 96.273.
Meanwhile, India’s 10-year bond yield was at 7.508%, as compared with its Wednesday’s close of 7.51%.
Source :.livemint.com
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