Rupee strengthens for fifth consecutive session, trades at 66.46 per dollar

Mumbai: The Indian rupee on Wednesday strengthened for the fifth consecutive session against the US dollar, tracking gains in the local equity markets.

At 2pm, the home currency was trading at 66.46 per dollar, up 0.04% from its previous close of 66.49. The rupee opened and touched a high of 66.44 per dollar.

India’s benchmark Sensex index rose 0.44% or 123.35 points to 28,347.05. So far this year, it has gained 8.5%.

The benchmark 10-year government bond yields was trading at 6.796% from Tuesday’s close of 6.793%. Bond yields and prices move in opposite directions.

The rupee is down 0.5% till date this year, while foreign institutional investors have bought $6.76 billion in equity and sold $378.70 million in debt markets.

Most Asian currencies were trading lower ahead of the Fed Chair Yellen’s testimony and Opec informal meeting. Malaysian ringgit was down 0.32%, Japanese yen 0.33%, Singapore dollar 0.11%, Taiwan dollar 0.05%, Thai Baht 0.04%. However, Philippines peso was up 0.11%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.614, up 0.17% from its previous close of 95.435.

Fed chair Janet Yellen will appear before the House Financial Services Committee on supervision and regulation and Opec ministers is meeting in Algeria where Saudi Arabia doesn’t expect a production accord to reached, according to Reuters report.