LM:Rupee erases early loses against dollar, strengthens to 61.9
Mumbai: The Indian rupee pared its losses and strengthened against the US dollar in the afternoon trade. At 2.18pm, the local unit was trading at 61.9, up 0.24%, from its previous close.
The currency has been trading steady in the recent months.
So far this year, the rupee has lost 0.14% when foreign institutional investors (FIIs) have bought local equities worth $407.2 million in the local market.
The BSE’s benchmark Sensex rose 1.11% to to 21,179.90 points.
The yield on India’s 10-year benchmark bond was trading at 8.868%, compared with its Monday’s close of 8.901%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.975, down 0.12% from the previous close of 80.077.
