AVN 66.45 Increased By ▲ 0.75 (1.14%)
BAFL 30.07 Increased By ▲ 1.08 (3.73%)
BOP 4.75 Increased By ▲ 0.16 (3.49%)
CNERGY 4.02 Increased By ▲ 0.27 (7.2%)
DFML 14.29 Increased By ▲ 0.03 (0.21%)
DGKC 43.98 Increased By ▲ 1.28 (3%)
EPCL 44.48 Increased By ▲ 2.31 (5.48%)
FCCL 11.95 Increased By ▲ 0.75 (6.7%)
FFL 4.98 Decreased By ▼ -0.06 (-1.19%)
FLYNG 6.14 Increased By ▲ 0.31 (5.32%)
GGL 10.41 Increased By ▲ 0.16 (1.56%)
HUBC 62.09 Increased By ▲ 1.94 (3.23%)
HUMNL 5.87 Increased By ▲ 0.13 (2.26%)
KAPCO 27.51 Increased By ▲ 0.62 (2.31%)
KEL 2.22 Decreased By ▼ -0.02 (-0.89%)
LOTCHEM 26.73 Increased By ▲ 0.55 (2.1%)
MLCF 22.52 Increased By ▲ 1.53 (7.29%)
NETSOL 86.60 Increased By ▲ 1.98 (2.34%)
OGDC 86.30 Increased By ▲ 0.40 (0.47%)
PAEL 11.38 Increased By ▲ 0.23 (2.06%)
PIBTL 4.29 No Change ▼ 0.00 (0%)
PPL 80.26 Decreased By ▼ -0.04 (-0.05%)
PRL 13.66 Increased By ▲ 0.98 (7.73%)
SILK 0.90 Decreased By ▼ -0.01 (-1.1%)
SNGP 41.92 Increased By ▲ 0.62 (1.5%)
TELE 6.29 Increased By ▲ 0.24 (3.97%)
TPLP 16.39 Increased By ▲ 0.52 (3.28%)
TRG 112.91 Increased By ▲ 2.41 (2.18%)
UNITY 14.42 Increased By ▲ 0.49 (3.52%)
WTL 1.20 Increased By ▲ 0.02 (1.69%)
BR100 4,075 Increased By 124 (3.14%)
BR30 14,525 Increased By 302.7 (2.13%)
KSE100 40,847 Increased By 1061.6 (2.67%)
KSE30 15,212 Increased By 411.4 (2.78%)
Follow us

MUMBAI: The Indian rupee strengthened against the US currency on Wednesday, as the dollar remained muted and Treasury yields declined.

The rupee was trading at 81.5350 per dollar by 10:13 a.m. IST, compared with its previous close of 81.72. The currency weakened around 0.7% in the first two days of the week. Traders pointed to the Reserve Bank of India likely buying dollars on Monday when the rupee scaled a high of 80.88.

“A tussle between buyers and sellers is likely to continue” as inflows into the market could keep the rupee strong, but RBI’s intervention on the other side could limit gains, said Amit Pabari, managing director at CR Forex. “The currency’s broad range would remain between 80.80 to 82.10.”

India’s first-ever green bond will be open for auction later in the day while bidding for Adani Enterprises’ 200 billion rupees ($2.45 billion) follow-on public offering begins on Friday.

Indian rupee likely to witness muted opening, 81/USD caps upside

Asian currencies were a mixed bunch as some countries resumed trading after two days of holidays for the Chinese New Year.

The offshore yuan climbed 0.1%, while the Indonesian rupiah slipped.

Wall Street indexes closed mixed overnight, though their Asian counterparts gained.

The dollar index searched for direction around the 101.90 levels, lately pressured by a surging euro and weak domestic economic data.

US business activity contracted for the seventh straight month in January, adding to a slew of data that showed the Federal Reserve’s monetary tightening was inducing an economic slowdown. Treasury yields continued to fall.

The 2-year yield, which tracks short-term interest-rate expectations, was down another 5 basis points (bps) to 4.16% and has overall declined over 20 bps this month.

At the Fed’s interest rate decision on Feb. 1, markets largely expect a smaller 25 bps hike.

Comments

1000 characters

Indian rupee edges higher on soft dollar, traders eye inflows

Alarm bells: SBP-held foreign exchange reserves plunge $923mn, now stand at mere $3.7bn

Imran Khan's arrest will create instability in country: President Alvi

Rupee plunges to record low in inter-bank market after nearly 10% fall

After Fawad's arrest, Imran says state cannot 'terrify us into submission'

KSE-100 increases over 1,000 points as Pakistan moves to revive IMF programme

14-member KP caretaker cabinet takes oath

PM Shehbaz reaffirms resolve to deepen economic, trade engagement with US

Pakistan to decide currency for Russia oil trade in March: Musadik Malik

Pakistan reviewing India’s Shanghai Cooperation Organisation invite: FO

Ishaq Dar has inflicted huge financial dent to Pakistan: Miftah Ismail