Rupee trades higher at 66.86 against US dollar

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Mumbai: The Indian rupee on Friday was trading marginally higher against the US dollar, tracking the gains in the Asian currencies markets. This was the 13th out of 17 trading sessions when the rupee was trading higher.

The local currency opened at 66.88 a dollar. At 9.12am, the home currency was trading at 66.86, up 0.08% from its previous close of 66.91.

Most of the Asian currencies were trading higher after Bank of England hinted at looser monetary policy next month. The United Kingdom’s central bank kept interest rates unchanged, while market consensus was for a 25 basis point rate cut to 0.25%, which would’ve been the bank’s first move since 2009, Reuters reported.

South Korean won was up 0.57%, Taiwan dollar 0.32%, Philippines peso 0.21%, Thai baht 0.18% and Malaysian ringgit 0.04%. However, Japanese yen was down 0.83% and Singapore dollar fell 0.08%.

India’s benchmark Sensex index rose 0.15%, or 11.09 points, to 27,983.20. So far this year, it has gained 7%.

India’s 10-year bond yield was trading at 7.288%, compared with Thursday’s close of 7.285%.

So far this year, the rupee is down 1.1%, while foreign institutional investors have bought $3.27 billion in equity and sold $1.11 billion in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.346, up 0.13% from its previous close of 96.216.

China’s economy grew 6.7% on-year in the April-June quarter, a touch higher than analysts’ prediction of a 6.6% growth rate, reported Reuters. The second quarter’s gross domestic product (GDP) grew 1.8% on-quarter, said