Rupee closes marginally higher against US dollar

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Mumbai: The Indian rupee closed marginally stronger against the US dollar on Thursday, tracking gains the local equity markets.

The rupee closed at 63.86 a dollar, up 0.05% from its Wednesday’s close of 63.89. The rupee opened at 63.86 a dollar and touched a high and a low of 63.75 and 63.95, respectively.

Local markets extended their rally to hit fresh record highs led by gains in banking stocks on news reports that the government is mulling 100% foreign direct investment in the banking sector.

The benchmark Sensex rose 0.51%, or 178.47 points, to 35,260.29. So far in 2018, it has gained 4%.

The 10-year bond yield ended at 7.261%, compared to its previous close of 7.222%. Bond yields and prices move in opposite directions.

So far this year, the rupee has rose marginally 0.03%, while foreign investors bought $395.60 million and $316.50 million in equities and bonds, respectively.

Asian currencies were trading lower. Malaysian ringgit was down 0.17%, China offshore 0.08%, Thai baht 0.05% and China renminbi 0.05%. However, Taiwan dollar was up 0.09% and South Korean won rose 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 90.878, up 0.38% from its previous close of 90.541.livemint