Rupee opens higher against US dollar for fourth session

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Mumbai: Indian rupee on Thursday strengthened for the fourth consecutive session to hit a fresh six-week high against the US dollar in opening trade.

The rupee opened at 64.53 a dollar and touched a high of 64.50. At 9.15am, the home currency was trading at 64.51 against the dollar, up 0.10% from its Wednesday’s close of 64.60.

According to a Bloomberg report, Trump might pick economist John Taylor, who is seen as more hawkish, as the next US Federal Reserve chief. The Fed meeting Wednesday showed that policy makers continue to want to hike rates once more this year, and three more times by the end of 2018.

The BSE benchmark index rose 0.13%, or 44.58 points, to 33,644.85. So far this year, the Sensex has gained 26.19%.

The 10-year bond yield was at 6.879% compared to its previous close of 6.893%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 5.15%, while foreign institutional investors have bought $5.81 billion and $22.54 billion in equity and debt, respectively.

Asian currencies were trading higher. Japanese yen was up 0.24%, Philippines peso 0.23%, China offshore 0.19%, Singapore dollar 0.18%, South Korean won 0.17%, Indonesian rupiah 0.16%, Malaysian ringgit 0.12%, Thai baht 0.11% and China renminbi 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.525, down 0.31% from its previous close of 94.815.