Rupee Trades Higher Against the Dollar Recovering From 16 Month Low

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    At 9:45 am, the rupee was at 67.95 against the dollar on Tuesday, recovering from its 16-month low. It opened at 68.07 against a dollar, up by 0.7 percent from its previous close of 68.12, gaining from the strengthening of Asian currencies.

    Rupee Trades Higher Against the Dollar Recovering From 16 Month Low
     

    Local currencies in Asia were higher from easing tension around the US-China trade relations and broadening in the US dollar and Treasury yields. The dollar was weakened from a higher selling of the currency by exporters and banks
    South Korea's won was up 0.62 percent, Philippines peso was trading 0.22 percent higher, Japanese yen was up by 0.14 percent, China's renminbi 0.11 higher, while Singapore dollar was up by 0.06 percent.

    At 9:55 am 10-year bonds were at 7.78 percent. Bond yields were lower than its previous close of 7.80 percent on Monday.

    The rupee has weakened by 6.1 percent in 2018. Yesterday it fell to its 16-month low at 68.12 against the US dollar amid weak global cues. Reports suggest that foreign investors have bought $558.80 million in equity in markets while sold $3.76 billion in 2018, so far.

    Meanwhile, Indian market benchmark BSE (Bombay Stock Exchange) Sensex was trading as high as 34,754.60 points around 10 am, whereas NSE (National Stock Exchange) Nifty 50 was at 10,558.60 points at 10:06 am.

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