The Indian rupee on Friday hit a three-week high against the dollar tracking gains in Asian currencies markets and also on increased optimism that foreign institutional investors (FIIs) will continue to invest in India in the short term.
Such optimism has increased after Securities and Exchange of India (Sebi) data released on Thursday showed that FIIs had invested a record $2.6 billion to buy government bonds in a single day on Wednesday.
The local unit opened at 60.52 per dollar compared with its previous close of 60.68. In intra-day trade, the rupee touched a high of 60.41 per dollar—a level last seen on 31 July.
At 9.09am, the rupee was trading at 60.51, up 0.26%, while India’s equity benchmark Sensex was trading at 26,418.53 points on BSE, up 0.22%. Most of Asian currencies were trading higher. The South Korean won was trading up 0.47%, Malaysian ringgit was up 0.30%, Indonesian rupiah slipped 0.3%, Thai baht rose 0.28%, Taiwan dollar jumped 0.16%, Philippines peso soared 0.11%, Singapore dollar up 0.09% and Japanese yen rose 0.04%.
The yield on India’s 10-year benchmark bond was trading at 8.52%, compared with its Thursday’s close of 8.51%. Bond yields and prices move in opposite directions. Since the beginning of this year, the rupee has gained 1.84%, while foreign institutional investors have bought $12.64 billion from local equity markets. The dollar index, which measures the US currency’s strength against major currencies, was trading at 82.14, down 0.02% from the previous close of 82.154.
Source :livemint.com
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