Gold Silver Reports – The Indian rupee opened little changed against the US dollar on Monday as traders avoided taking long positions ahead of the Reserve Bank of India’s monetary policy review.
The rupee opened at 64.57 a dollar. At 9.15am, the home currency was trading at 64.49 a dollar, down 0.05% from its Thursday’s close of 64.46. Markets were closed on Friday due to Eid-al-Fitr.
The central bank is set to announce its fifth bi-monthly policy decision for this fiscal year on 6 December. According to Bloomberg analysts’ poll expectations, RBI will hold its key rates.
The benchmark Sensex rose 0.50%, or 164.24 points, to 32,997.18. So far this year, it has gained 26.26%.
The 10-year bond yield was at 7.055%, compared to its previous close of 7.059%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 5.4%, while foreign institutional investors have bought $8.85 billion and $22.62 billion in equity and debt, respectively.
Asian currencies were trading weaker as the dollar strengthened on US tax plan.
Japanese yen was down 0.51%, Philippines peso 0.51%, South Korean won 0.29%, China offshore 0.24%, Singapore dollar 0.17%, Thai baht 0.14%, Taiwan dollar 0.09%. However, Malaysian ringgit was up 0.18%.
Read More: Rupee Scales New 2-Month High of 64.50
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.092, up 0.22%, from its previous close of 92.885. – Neal Bhai Reports
