Rupee strengthens against US dollar ahead of key macro data

livemint-The Indian rupee strengthened against the US dollar ahead of the key macro data. At 9.08am, the currency was trading at 64.33 up 0.08% from its Thursday’s close of 64.38. The rupee opened at 64.32 a dollar and touched a high of 64.30 and a low of 64.34. The government will issue Index of Industrial Production (IIP) for March and Consumer Price Index-based (CPI) inflation and Wholesale Price Index (WPI) for April, after 5.30pm. Rupee strengthens against US dollar According to a Bloomberg poll, CPI will be at 3.3% in April from 3.81% a month ago, and WPI will be 4.5% from 5.7% a month ago, IIP will be at 1.9% for March from 1.2% a month ago.   The benchmark Sensex index gained 0.11% or 34.63 points to 30,285.61 points. So far this year, it has risen 13.74%. So far this year, the rupee has gained 5.63%, while foreign institutional investors have bought $6.35 billion and $8.2 billion from local equity and debt markets, respectively. The 10-year bond yield closed at 6.938% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.   Asian currencies were trading mixed. Japanese yen was up 0.158%, Indonesian rupiah 0.09%, China renminbi 0.039%, China offshore 0.028%, Malaysian ringgit 0.023%, Philippines peso 0.010% and Thai baht 0.009%. Singapore dollar was trading down 0.142%, South Korean won 0.121% Taiwan dollar 0.010% and Hong Kong Dollar fell 0.030%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.566, down 0.06% from its previous close of 99.623.

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