Rupee trades higher at 66.37 per US dollar
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Mumbai: The Indian rupee on Tuesday strengthened against the US dollar, tracking gains in the Asian currencies market.
At 2pm, the home currency was trading at 66.37, up 0.16%, from its previous close of 66.48 per US dollar. The local unit opened at 66.38 per US dollar and touched a high and a low of 66.35 and 66.41 respectively.
Markets will remain closed on Wednesday on account of Guru Nanak Jayanthi.
The benchmark Sensex index rose 0.11%, or 29.01 points, to 25,848.35.
Most Asian currencies were trading higher. Malaysian ringgit was up 1.55%, South Korean won 0.42%, Singapore dollar 0.24%, Japanese yen 0.23%, Philippines peso 0.17%, Indonesian rupiah 0.13%, Taiwan dollar 0.1%.
The yield on India’s 10-year benchmark bond was trading at 7.69% compared with its Monday’s close of 7.72%. It opened at 7.72% and touched a high of 7.726%, a level last seen on 10 November. Bond yields and prices move in opposite directions.
Foreign institutional investors (FIIs) sold equities in 12 out of 14 sessions. Since 30 October to 20 November, FIIs sold $880.89 million in equities. Since 27 October to 20 November, FIIs sold $565.42 million in debt.
In fiscal year 2016 so far, FIIs have sold $2.28 billion in equity, the steepest selling since fiscal year 2009. In FY16, FIIs were the net sellers in equity in five out of eight months.
Since the beginning of this year, the rupee has lost 5%, while FIIs have bought $3.72 billion from local equity and $8.44 billion from bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.679, down 0.12% from its previous close of 99.803.
US preliminary PMI manufacturing was at 52.6 for November compared with 54.1 in October. In Europe, Greece met the conditions to receive up to $10 billion for bank recapitalization. Euro zone’s flash PMI reading for November jumped to the highest level in four years at 54.4. On Tuesday, Japan’s flash PMI reading for November came in at 52.8, up from 52.4 in the previous month. Germany and the US (preliminary) will disclose their third quarter PMI numbers, Reuters reported.
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