Indian Rupee gains momentum against US Dollar

May 22 2018 12:11 PM
Indian Rupee gains momentum against US Dollar

On Tuesday, the Indian Rupee has been strengthened marginally with respect to US Dollar, following profits in Asian currencies. Today at 9:15 am, the Indian currency was trading at 67.99 facing the US dollar. The trade has been detected up by 0.16% from its previous close of 68.12. Earlier with the beginning of the day, the currency has been opened at 68.07 for a dollar.

Up from its Monday’s close of 7.807%, the 10-year bond yield stood at 7.824%. Both the bond yields and prices moved in reverse tracks. So far this year, the Indian Rupee has declined by 6.1% while foreign investors have bought $558.80 million and sold $3.76 billion respectively in equity and debt markets.

In January the Benchmark Sensex Index has gained 1.6% while right now it has fallen 0.11% or 40.63 points to 34575.50. 

Asian currencies were higher, buoyed by a broader retreat within the America dollar and Treasury yields, and amid market relief over deactivation Sino-American trade tensions.

According to Live Mint, South Korean won was up 0.62%, Philippines peso 0.22%, Taiwan dollar 0.21%, Thai Baht 0.2%, Japanese yen 0.14%, China renminbi 0.11%, Indonesian rupiah 0.1%, Malaysian ringgit 0.06%, Singapore dollar 0.06%. However, China foreign spot was down 0.06%.

The dollar index, that measures the US currency’s strength against major currencies, was commercialism at 93.571, down 0.11% from its previous shut of 93.677.

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