Gold Silver Reports – Rupee Opens Higher Against US Dollar – The Indian rupee on Wednesday strengthened against the US dollar tracking gains in the local equity and Asian currencies market.
The rupee opened at 64.77 a dollar. At 9.15am, the home currency was trading at 64.76 a dollar, up 0.18% from its Tuesday’s close of 64.89.
The local equity markets trade higher for the fifth consecutive session and gained over 750 points, or 2.3%, in this period. The benchmark Sensex rose 0.27%, or 91.53 points, to 33,569.88. So far this year, it has gained 25.73%.
Traders will keep an eye on minutes from US Federal Reserve’s latest policy meeting, which will be released on Wednesday.
The 10-year bond yield was at 6.902%, compared to its previous close of 6.895%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 4.84%, while foreign institutional investors have bought $8.21 billion and $22.48 billion in equity and debt, respectively.
Read More: U.S. Stocks Decline With Dollar as Treasuries Rise
Asian currencies were trading higher. Taiwan dollar was up 0.49%, South Korean won 0.40%, Malaysian ringgit 0.38%, Philippines peso 0.17%, Japanese yen 0.15% and Indonesian rupiah rose 0.09%. However, China offshore was down 0.07%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.946, down 0.01% from its previous close of 93.952. – Neal Bhai Reports
