Mumbai: The Indian rupee on Wednesday rebounded from two-week low and ended marginally higher against the US dollar supported by gains in Asian currencies.
The home currency closed at 64.96 against the dollar, up 0.11% from its Tuesday’s close of 65.03. Earlier in the morning trade rupee opened at 64.15 a dollar and touched a low of 65.16—a level last seen on 24 October.
Asian currencies trading higher as dollar weakened amid concern about the progress of US tax reforms and as President Donald Trump arrived in China on a state visit.
Japanese yen was up 0.32%, Philippines peso 0.19%, China renminbi 0.18%, Singapore dollar 0.15%, Hong Kong dollar 0.12%, China offshore 0.11%, Thai baht 0.08%. However, South Korean won was down 0.32%.
Bond yield hits fresh six month high. The 10-year bond yield closed at 6.94% compared to its previous close of 6.858%. Bond yields and prices move in opposite directions.
The benchmark Sensex index fell 0.46% or 151.95 points to closed at 33,218.81 points. So far this year, it has gained 24.76%.
So far this year, the rupee has gained 4.56%, while foreign institutional investors have bought $6.39 billion and $22.74 billion in equity and debt, respectively.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.82, down 0.09% from its previous close of 94.913.