Rupee strengthens against US dollar on Asian cues

Mumbai: The Indian rupee on Monday strengthened against the US dollar tracking gains in the local equity and Asian currencies markets. The rupee opened at 64.36 a dollar. At 9.15am, the rupee was trading at 64.35 a dollar, up 0.15% from its Friday’s close of 64.45.

The 10-year bond yield was at 6.466%, compared to its previous close of 6.456%. Bond yields and prices move in opposite directions. The benchmark Sensex index rose 0.09% or 9.15 points to 32,029.90. So far this year, it has risen 20.3%.

So far this year, the rupee has gained 5.3%, while foreign investors bought $8.36 billion and $16.12 billion in local equity and debt markets, respectively. Asian currencies were trading higher following the release of better-than-expected China second-quarter GDP, which rose 6.9% on-year, better than the 6.8% forecast by a Reuters poll.

South Korean won was up 0.37%, Indonesian rupiah 0.18%, Taiwan dollar 0.15%, Singapore dollar 0.12%, China renminbi 0.1% and Thai baht 0.08%. However, Japanese yen was down 0.12% and Philippines peso 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.21, up 0.06% from its previous close of 95.153.

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