The Indian rupee on Wednesday opened higher on expectations of continued dollar inflows from foreign institutional investors in the local stock markets.
Such expectations have increase due to hopes of a stable government at the Centre and improvement in the country’s macroeconomic situation.
The domestic currency opened the session at 61.07 per dollar, up 0.23% from its Tuesday’s close of 61.205. Since the beginning of this year, the rupee has gained 1.21%, while foreign institutional investors have bought $1.59 billion from local equity markets.
The yield on India’s 10-year benchmark bond was trading at 8.795%, compared with its Tuesday’s close of 8.806%. Bond yields and prices move in opposite directions.
At 9.09am, the rupee was trading at 61.07, while India’s benchmark Sensex was trading at 21,872.68 points on BSE, up 0.18%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.4, down 0.02% from its previous close of 79.414.
Source : livemint.com
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