The Indian rupee on Thursday strengthened marginally against the US dollar, tracking the gains in its Asian peers.
The rupee opened at 66.66. At 9.10am, the home currency was trading at 66.58, up 0.13% from its previous close of 66.66.
Most Asian currencies were trading higher. Malaysian ringgit was up 0.87%, Japanese yen 0.5%, Philippines peso 0.36%, Indonesian rupiah 0.36%, Thai baht 0.08% and China renminbi 0.08%. However, China offshore was down 0.12%, Singapore dollar 0.09% and South Korean won 0.07%.
Overnight, the US Federal Reserve minutes suggested that the US central bank was unlikely to hike interest rates before June amid widespread concern over its limited ability to counter the global economic slowdown, Reuters reported.
India’s benchmark Sensex rose 0.39% or 98.16 points to 25,008.08. So far this year, Sensex fell 4.2%.
Meanwhile, India’s 10-year bond yield was trading at 7.467% as compared with its Wednesday’s close of 7.46%.
So far this year, the rupee weakened 0.76%, foreign institutional investors have bought $1.13 billion from local equity and sold $566.4 million in debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.677, up 0.04% from its previous close of 94.631.