Rupee opens higher at 67.12 per dollar

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Mumbai: The Indian rupee on Tuesday strengthened against the US dollar, tracking gains in the Asian currencies markets.

The rupee opened at 67.12 per dollar. At 9.10am, the home currency was trading at 67.11 per dollar, up 0.1% from its previous close of 67.19.

Asian currencies were trading higher. South Korean won was up 0.79%, Taiwan dollar 0.37%, Thai baht 0.16%, Philippines peso 0.14%, China offshore 0.1%, Indonesian rupiah 0.08%, Japanese yen 0.07%, China renminbi 0.06% and Singapore dollar 0.05%.

US Federal Reserve chair Janet Yellen is scheduled to deliver a speech on Friday on the US economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming. Yellen’s remarks will be delivered following the hawkish rhetoric from Fed vice-chairman Stanley Fischer and New York Fed president William Dudley, Reuters reported.

The 10-year bond yield was trading at 7.153%, compared with its Monday’s close of 7.161%. Bond yields and prices move in opposite directions.

India’s benchmark Sensex index rose 0.17% or 48.05 points to 28,033.59. So far this year, it has gained 7.1%.

The rupee is down 1.5% till date this year, while foreign institutional investors (FIIs) have bought $5.85 billion in equity and sold $1.1 billion in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.512, down 0.01% from its previous close of 94.519