Rupee holds the line against US dollar

Rupee holds the line against US dollar

Mumbai: The Indian rupee on Thursday was trading little changed against the US dollar as dealers awaited fresh global or local cues.

At 2pm, the home currency was trading at 66.93—down 0.03% from its previous close of 66.92. The local currency opened at 66.95 a dollar.

India’s 10-year bond yield was at 6.858%—from its Wednesday’s close of 6.862%. Bond yields and prices move in opposite directions.

India’s benchmark Sensex index rose 0.58% or 162.38 points to 28,317.94. So far this year, Sensex has risen 6.2%.

Since the beginning of this year, the rupee has gained 1.5%, while foreign institutional investors have bought $364.70 million and $526.70 million from local equity and debt markets, respectively.

Asian currencies were mixed as regional stocks were broadly firmer while profit-taking weighed on the dollar after strong US data

Japanese yen was up 0.27%, China renminbi 0.19%, South Korean won 0.16%, Thai baht 0.09%. However, Malaysian ringgit was down 0.18%, Taiwan dollar 0.16%, Indonesian rupiah 0.11%, Singapore dollar 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.79—down 0.39% from its previous close of 101.18.