Rupee hits 20-month high, trades past 64 against US dollar

DSR Broking 


The Indian rupee on Wednesday strengthened past the 64 mark against the US dollar, tracking the gains in the global equity markets.
The rupee opened at 64.16 a dollar and touched a high of 63.96, a level last seen on 10 August 2015. At 9.15am, the rupee was trading at 63.97 a dollar, up 0.40% from its Tuesday’s close of 64.28.
The rally in global markets has been sparked by a centrist victory in the first round of the French presidential election.
The benchmark Sensex index rose 0.27% or 80 points to 30,122. So far this year, it has risen 12.5%.
So far this year, the rupee has gained 5.68%, while foreign investors have bought $6.49 billion and $7.45 billion in local equity and debt markets, respectively.
Traders are cautious ahead of the details of White House tax plan, set to be unveiled Wednesday. Bloomberg reports that the plan would cut the federal corporate tax rate to 15% from 35%.
The 10-year bond yield was trading at 6.943% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.
Asian currencies were trading higher. Taiwan dollar was up 0.34%, Malaysian ringgit 0.33%, Singapore dollar 0.11%, Thai baht 0.05% and Indonesian rupiah rose 0.04%. However, Japanese yen fell 0.14% and Hong Kong dollar 0.04%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.786, up 0.01% from its previous close of 98.785.

The 10-year bond yield was trading at 6.943% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.

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