Rupee closes higher against US dollar

Rupee closes higher against US dollar

So far this year, the rupee has weakened 7%, while foreign investors have sold $413.60 million and $6 billion in equity and debt markets, respectively. Photo: Mint

So far this year, the rupee has weakened 7%, while foreign investors have sold $413.60 million and $6 billion in equity and debt markets, respectively. Photo: Mint

Mumbai: The Indian rupee on Friday closed higher against the US dollar after local equity markets surged over 1%. The rupee ended at 68.62 a dollar, up 0.14% from its previous close of 68.71. The currency opened at 68.68 a dollar.

Traders are cautious ahead of US payroll data. US non-farm payrolls probably increased 193,000 in July compared with a gain of 213,000 in June, according to a Bloomberg survey.

The 10-year bond yield stood at 7.763%, from its Thursday’s close of 7.721%. Bond yields and prices move in opposite directions.

Benchmark Sensex Index rose 1.05% or 391 points to 37,556.16. Since January, it has gained 10%.

So far this year, the rupee has weakened 7%, while foreign investors have sold $413.60 million and $6 billion in equity and debt markets, respectively.

Asian currencies were trading lower. China renminbi was down 0.37%, Indonesian rupiah 0.16%, South Korean won 0.15%, Thai Baht 0.15%, Malaysian ringgit 0.15%, China offshore 0.09%, Taiwan dollar, Philippines peso and Japanese yen were down 0.05% each.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.135, down 0.05% from its previous close of 95.17.

Leave a Reply

Your email address will not be published.