Rupee edges higher against US dollar

The rupee had closed at 71.24 a dollar on Thursday.
The rupee had closed at 71.24 a dollar on Thursday.
Source: Livemint

Indian rupee strengthened against US dollar on Friday, tracking gains in Asian currencies. At 2 pm, the home currency was trading at 71.16 a dollar, up 0.11% from its Thursday’s close of 71.24. The currency opened at 71.19 a dollar, touching a high 71.13 and a low 71.26.

The 10-year government bond yield stood at 7.377%, as compared to its previous close of 7.350%. Bond yields and prices move in opposite directions.

So far this year, the rupee lost 1.93%, while foreign investors have sold $129.18 million and $726.16 million in the equity and debt markets, respectively.

Asian currencies were trading higher. Philippines peso gained 0.200%, Indonesian rupiah 0.100%, China Offshore 0.086%, Singapore dollar 0.081%, China renminbi 0.071%, Taiwan dollar gained 0.055%, Malaysian ringgit 0.032% and South Korean won 0.004%. However, Thai Baht 0.205%, Japanese yen 0.018% and Hong Kong Dollar 0.017%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.550, down 0.06% from its previous close of 96.605.

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