Rupee gains against dollar today after hitting record low

The Indian rupee (INR) strengthened against the US dollar on Friday, as a recovery in regional stocks was offset by continued anxiety over the US-China trade dispute and yuan weakness. At 02.02pm, the rupee was trading at 68.46 a dollar, up 0.49% from its Thursday’s close of 68.79. It opened at 68.66 a dollar. The rupee had on Thursday breached 69 level against the dollar to register a record low.

In noon trade on Friday, the benchmark Sensex gained 0.97%, or 340.38 points, to 35,378.02. The 10-year bond yield was trading at 7.889% compared to its previous close of 7.935%. Bond yields and prices move in opposite directions.

So far this year, the rupee lost 6.69%, while foreign institutional investors have sold $836.68 million in equity and $8.45 billion in debt respectively.

Asian currencies were trading higher. South Korean won gained 0.828%, Indonesian rupiah 0.384%, Singapore Dollar 0.367%, Taiwan dollar 0.338%, Philippines peso 0.274%, China Offshore 0.240%, China Renminbi 0.133%, Malaysian Ringgit 0.124%, Thai Baht 0.075% and Hong Kong dollar 0.010%. However, Japanese yen lost 0.217%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.938, down 0.39%, from its previous close of 95.312.

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