The rupee opened higher against the US dollar on Thursday, extending gains to a sixth session. At 09:06 AM, the rupee was trading at 71.43 a dollar, up 23 paise from its Wednesday’s close of 71.66. The home currency opened at 71.43 and touched a high and a low of 71.40 and 71.46 a dollar, respectively.
In the currency market, the dollar rose to a six-week high against the safe-haven yen, after the US and China granted concessions in their heated tariff dispute on Wednesday ahead of planned talks.
China exempted a basket of U.S. goods from its own tariffs while U.S. President Donald Trump said he would delay a scheduled tariff hike by two-weeks in October, reported Reuters.
The yen fell almost 0.2 percent to 108.00 per dollar, its weakest since Aug. 1.
Investor focus for now is centered on the European Central Bank’s meeting later today, which is expected to push interest rates even further into negative territory.
The ECB could set the tone for upcoming rate-setting decisions by the US Federal Reserve and the Bank of Japan next week, and for the broader global risk appetite.
In the commodity markets, oil prices jumped, helped by easing trade tensions between Washington and Beijing and a drop in US crude inventories.
Global benchmark Brent crude futures rose 41 cents, or 0.7 percent, to $61.22 by 0051 GMT, while US West Texas Intermediate (WTI) futures gained 40 cents, or 0.7 percent, at $56.16.
Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 188.08 crore on Monday, according to provisional exchange data.
In debt markets, the yields on the 10-year government bonds were down 0.22 percent at 6.67 percent from the previous close of 6.68 percent. Bond yields and prices move in opposite directions.
First Published: Sept 12, 2019 9:13 AM IST
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