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Rupee opens marginally higher

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The Indian rupee on Wednesday traded higher against the US dollar. Other Asian currencies traded on a mixed note as investors assessed the implications of the spreading coronavirus in China and beyond.

In early deals today, the rupee traded at 71.18 a dollar, up from Tuesday’s close of 71.21. The Indian unit had opened at 71.14.

“Going forward, we expect the pair to trade between 70.80-71.60 levels till month end and the further course for the rupee will be driven by upcoming budget and RBI monetary policy,” according to CR Forex.

The yield on the 10-year government bond was at 6.631% compared with its previous close of 6.637%. Bond yield and prices moves in opposite directions.

In pre-opening trade, the benchmark Sensex index was up 0.46% or 190.68 points at 41514.49 points. Year to date, the index has gained 0.5%.

Year to date, the rupee has strengthened 0.3%, while foreign investors have bought nearly $1.70 billion in Indian equities and sold $1.56 billion in debt.

Other Asian currencies traded mixed. Philippines peso was up 0.22%, South Korean won 0.2%, China Offshore 0.1%, Thai Baht 0.06%. However, Japanese yen was down 0.17%, Malaysian ringgit 0.09%, Taiwan dollar and China renminbi were down 0.04% each.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.664, up 0.14% from its previous close of 97.531.

(Bloomberg contributed this story)

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