The Indian rupee on Thursday strengthened against the US dollar tracking gains in the Asian currencies markets after US Federal Reserve minutes signalled a moderate pace in rate hikes.The rupee opened at 64.56 a dollar. At 9.15am, the rupee was trading at 64.51, up 0.34% from its Wednesday’s close of 64.73.
The benchmark Sensex index rose 0.18% or 53.74 points to 30,355.38. So far this year, it has gained 14%.
So far this year, the rupee has gained 5%, while foreign investors bought $7.78 billion and $10 billion in local equity and debt markets, respectively.
Asian currencies were trading higher. South Korean won was up 0.78%, Malaysian ringgit 0.33%, Taiwan dollar 0.32%, China renminbi 0.3%, Thai baht 0.22%, Indonesian rupiah 0.17%, Philippines peso 0.14%, China offshore 0.11% and Singapore dollar 0.08%. However, Japanese yen was down 0.11%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.936, down 0.31% from its previous close of 97.351.