Rupee closes 8 paise higher at 60.06 per dollar
The local unit opened at 60.25 and touched a high and a low of 60.05 and 60.25 per dollar, respectively
The Indian rupee erased all its losses and closed higher on Wednesday, tracking local equity markets.
The home currency ended at 60.06, up 0.13% from Monday’s close of 60.14. India’s benchmark index S&P BSE Sensex ended at 26,087.42 points, up 0.37%.
The local unit opened at 60.25 and touched a high and a low of 60.05 and 60.25 per dollar, respectively.
Most Asian currencies ended lower. Malaysian ringgit fell 0.25%, Thai baht slipped 0.22%, Japanese yen shed 0.14%, Philippines peso dropped 0.10%, Singapore dollar lost 0.1% and Indonesian rupiah gave up 0.08%.
The yield on India’s 10-year benchmark bond ended at 8.513%, compared with its Monday’s close of 8.435%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 2.9%, while foreign institutional investors have bought $12.13 billion during the period from local equity markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.298, up 0.10% from the previous close of 81.214.
Markets were closed on Tuesday for Eid.
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