Rupee trades higher at 66.86 against US dollar
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Mumbai: The Indian rupee on Wednesday was trading higher against the US dollar following local equity markets, ahead of the two-day policy meeting which ends later in the day.
At 2.09pm, the home currency was trading at 66.86, up 0.11% from its previous close of 66.93. The local unit opened at 66.91 per US dollar. Since the beginning of this year, the rupee has lost 5.71%.
The benchmark Sensex index is trading higher for the third consecutive session. Sensex index rose 0.57% or 144.06 points to 25,472.90.
The US Federal Reserve is expected to hike interest rates for the first time in nearly a decade, signalling the beginning of an end to an expansionary monetary policy that has supplied a tidal wave of liquidity to risk asset markets globally, Reuters reported.
Reserve Bank of India (RBI) governor Raghuram Rajan expects the Fed to raise interest rates by as much as a quarter point.
India’s trade deficit narrowed to $9.78 billion in November, compared with $16.24 billion a year ago. Exports fell for the 12th straight month, dropping 24.4% from the previous year to $20 billion and imports shrank 30% to $29.7 billion during the month.
Foreign institutional investors (FIIs) were net sellers in 26 out of the last 29 sessions. From 30 October to 14 December, FIIs have sold $1.86 billion in equities. Since the beginning of this year, FIIs have bought $2.74 billion from local equity markets and $8.08 billion from bond markets.
The yield on India’s 10-year benchmark bond was trading at 7.765% compared with its Tuesday close of 7.788%. Bond yields and prices move in opposite directions.
Most Asian currencies were trading lower. Taiwan dollar was down 0.42%, Malaysian ringgit 0.37%, Thai baht 0.27%, Singapore dollar 0.26%, Japanese yen 0.19%, China renminbi 0.16% and Indonesian rupiah 0.14%. However, South Korean won was up 0.62% and China offshore 0.17%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.166, down 0.06% from its previous close of 98.217.
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