Rupee opens marginally higher against US dollar

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Mumbai: Indian rupee on Wednesday strengthened marginally against the US dollar ahead of key domestic as well as foreign data.

The rupee opened at 65.24 a dollar. At 9.15am, the home currency was trading at 65.23 against the dollar, up 0.10% from its Tuesday’s close of 65.29.

The government will issue Index of Industrial Production and Consumer Price Index-based inflation data for August and September, respectively, on 12 October. Traders will also keep an eye on the minutes of the US Federal Reserve which is due on Wednesday.

The BSE benchmark index rose 0.24%, or 77.52 points, to 31,924.41. So far this year, the Sensex has gained over 20%.

The 10-year bond yield was at 6.734%, compared to its previous close of 6.741%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 4%, while foreign institutional investors have bought $5.04 billion and $21.24 billion in equity and debt, respectively.

Asian currencies were trading mixed. China offshore spot was down 0.15%, South Korean won 0.12%, China renminbi 0.08% and Singapore dollar 0.08%. However, Taiwan dollar was up 0.23%, Thai baht 0.11% and Malaysian ringgit 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.315, up 0.03% from its previous close of 93.29.