Mumbai: The Indian rupee was trading marginally higher against US dollar in the opening trade on Tuesday, tracking gains in the local equity market.
The rupee opened at 63.48 a dollar. At 9.15am, the home currency was trading at 63.47 a dollar, up 0.03% from its Monday’s close of 63.50.
The benchmark Sensex rose 0.22%, or 75.24 points, to 34,428.03. Local equity markets rose for the fourth consecutive session and advanced nearly 1.8% or 614 points.
Traders are cautious ahead of the Index of Industrial Production (IIP) data for November and Consumer Price Inflation (CPI) for December on 12 January. According to Bloomberg analysts’ estimates, IIP will be at 4% in November from 2.2% a month ago, while CPI will be at 5.04% in December from 4.88% a month ago.
In the year 2017, the rupee gained 6.35% and Sensex rose 28%, while foreign institutional investors have bought $7.73 billion and $23.27 billion in equity and debt, respectively.
The 10-year bond yield was at 7.342% compared to its previous close of 7.344%. Bond yields and prices move in opposite directions.
Asian currencies were trading mixed. Japanese yen was up 0.39%, Singapore dollar 0.1% and Taiwan dollar 0.1%. However, Philippines peso was down 0.07%, China offshore 0.04% and Malaysian ringgit 0.04%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.253, down 0.11% from its previous close of 92.358.