Rupee hits two-month high against US dollar

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November 28, 2017

The Indian rupee was trading at 64.56 a dollar, down 0.08% from its Monday's close of 64.50. Photo: AFP

November 28, 2017

The Indian rupee was trading at 64.56 a dollar, down 0.08% from its Monday's close of 64.50. Photo: AFP

 

Mumbai: Indian rupee on Tuesday strengthened to two-month high against US dollar tracking gains in Asian currencies markets.

At 2pm, the home currency was trading at 64.40 a dollar, up 0.16% from its Friday’s close of 64.50. The rupee opened at 64.49 a dollar and touched a high of 64.36—a level last seen on 20 September.

Traders are cautious ahead of the gross domestic product (GDP) data for the third quarter due on 30 November. According to Bloomberg analysts’ estimates, gross value added (GVA) will be at 6.3% from 5.6% a quarter ago, while GDP will be at 6.5% from 5.7% last quarter.

The benchmark Sensex fell 0.15%, or 52.07 points, to 33,627.17. So far this year, it has gained 26%.

After hitting 15 month high, bond yield fell marginally. The 10-year bond yield was at 7.055%, compared to its previous close of 7.056%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 5.3%, while foreign institutional investors have bought $8.34 billion and $22.66 billion in equity and debt, respectively.

Asian currencies were trading higher. South Korean won was up 0.4%, Malaysian ringgit 0.24%, Singapore dollar 0.1%, Thai baht 0.07%, China renminbi 0.07%, Philippines peso 0.07%. However, Japanese yen was down 0.12%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.924, up 0.02%, from its previous close of 92.904.

 

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