Rupee trades marginally higher against US dollar

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Mumbai: The Indian rupee on Wednesday traded marginally higher against the US dollar in the opening trade, tracking gains in Asian currencies market.

The rupee opened at 65.41 a dollar. At 9.15am, the home currency was trading at 65.38 against the dollar, up 0.06% from its Tuesday’s close of 65.42.

Data released by the commerce ministry on Tuesday showed exports fell 1.1% in October to $23.1 billion while imports expanded at the slowest pace in 10 months at 7.6% to $37.1 billion. India’s trade deficit in the month was $14 billion.

The 10-year bond yield was at 7.031% compared to its previous close of 7.052%. Bond yields and prices move in opposite directions.

The benchmark Sensex index fell 0.01% or 0.28 points to 32,941.59 points. So far this year, it has gained 24.5%.

So far this year, the rupee has gained 3.89%, while foreign institutional investors have bought $7.28 billion and $22.34 billion in equity and debt, respectively.

Asian currencies were trading higher. South Korean won was up 0.41%, Japanese yen 0.22%, Malaysian ringgit 0.22%, Philippines peso 0.21%, Taiwan dollar 0.1% and Indonesian rupiah 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.845, up 0.02% from its previous close of 93.827.

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