Rupee Opens Higher At 61.07 Per Dollar

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