Rupee opens marginally higher against US dollar

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Mumbai: The Indian rupee strengthened marginally against the US dollar on Tuesday as local equity markets continued to hit fresh record highs.

The rupee opened at 63.90 a dollar. At 9.15am, the home currency was trading at 63.82 a dollar, up 0.08% from its Monday’s close of 63.87.

The benchmark Sensex rose 0.44%, or 157.53 points, to 35,955.54. So far this year, it has gained 5.5%.

The 10-year bond yield was at 7.298% compared to its previous close of 7.264%. Bond yields and prices move in opposite directions.

Traders are cautious ahead of the last full-year Union budget on 1 February before the 2019 elections and Reserve Bank of India’s bi-monthly policy on 7 February.

So far this year, the rupee has risen marginally 0.04%, while foreign investors bought $822.50 million and $471.90 million in equities and bonds, respectively.

Asian currencies were trading higher. Japanese yen was up 0.27%, Indonesian rupiah 0.27%, Taiwan dollar 0.17%, Malaysian ringgit 0.17%, Singapore dollar 0.08%, Thai baht 0.08%, Singapore dollar 0.08% and China offshore rose 0.05%. However, Philippines peso was down 0.38%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 90.389, down 0.01% from its previous close of 90.401.livemint