MUMBAI: The Indian rupee on Wednesday strengthened against the US dollar after international crude oil price fell.
At 9.06am, the home currency was trading at 63.85, up 0.10% from its previous close of 63.92. The local unit opened at 63.86 per dollar.
The benchmark Sensex index rose 0.28% to 27,536.37 points.
Most of the Asian currencies were trading higher. South Korean won was up 0.63%, Taiwan dollar 0.23%, Japanese yen 0.13%, Indonesian rupiah 0.1% and Philippines peso rose 0.06%. However, Thai baht was down 0.16%.
The yield on India’s 10-year benchmark bond was trading at 7.799% compared with its Tuesday’s close of 7.805%. Bond yields and prices move in opposite directions.
Brent crude has fallen 10 out of 13 sessions. Brent crude fell 0.3% to $53.13 bbl. Since 10 July, the Brent has fallen 9.5%.
Traders are cautions ahead of a policy decision from the US Federal Reserve. The Fed ends a two-day policy meeting later on Wednesday with markets divided on whether it will take a hawkish or dovish stance, while some suspect it might do neither. No move on rates is expected this week, Reuters reported.
Since the beginning of this year, the rupee has lost 1.36%, while foreign institutional investors have bought $7.29 billion from local equity and $6.54 billion from bond markets.
