Mumbai: The Indian rupee is trading strong against the US dollar compared with its previous close, which dealers attributed to heavy dollar sale by banks and some institutions in the foreign exchange market.
At 2pm, the rupee was trading at 62.56 per dollar, up 0.49% from its previous close of 62.86.
Since January, the rupee has weakened 12.09% and has lost the third most after the Indonesian rupiah and Japanese yen among Asian currencies during that period.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.836, up 0.16% from the previous close of 80.708.
The yield on India’s 10-year benchmark bond eased to trade at 8.736% from the previous close of 9.102%.
