You are using an older browser version. Please use a supported version for the best MSN experience.

Rupee hits 15-week high against US dollar

LiveMint logoLiveMint 27-02-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Monday hit a fresh 15-week high against the US dollar in opening trade, after foreign institutional investors (FIIs) continued to buy in local equity markets.

The local currency opened at 66.72 and touched a high of 66.69, a level last seen on 10 November. At 9.15am, the home currency was trading at 66.70, up 0.19% from its previous close of 66.83.

India’s benchmark Sensex index rose 0.06% or 17.53 points to 28,970.86. So far this year, it has risen 9%.

Traders were cautious ahead of key gross domestic product (GDP) on 28 February. The data will provide clues on how the economy has responded to the government decision to scrap Rs500 and Rs1,000 bank notes in November. Economists surveyed by Mint expected growth in GDP in the three months ended 31 December to be in the range of 5.5% to 6.5%.

India’s 10-year bond yield rose to 6.916% compared to its Thursday’s close of 6.939%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 1.8%, while FIIs have bought $1.32 billion and $375.70 million from local equity and debt markets, respectively.

Most Asian currencies were trading lower. Philippines peso was down 0.15%, China offshore 0.1%, China renminbi 0.1%, Indonesian rupiah 0.01%, Japanese yen 0.09%, South Korean won 0.06% and Taiwan dollar 0.06%. However, Thai baht was up 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.15, up 0.06% from its previous close of 101.09.

Traders are cautious ahead of the US President Donald Trump’s first address to the US congress on Tuesday.

On Friday, markets were closed on account of Mahashivratri.

More From LiveMint

image beaconimage beaconimage beacon