The Indian rupee erased yesterday’s losses and opened higher against the US dollar as crude oil prices took a breather after Saudi Arabia said it had fully restored its crude supply.
The currency was trading at 71.48 a dollar, up 30 paise from its Tuesday’s close of 71.78/$. The home currency opened at 71.49 and touched a high and a low of 71.43 and 71.51 a dollar, respectively.
The yields on the 10-year government bonds declined 0.95% at 6.67% from the previous close of 6.73%. Also, the dollar traded near a seven-week high versus the yen as oil markets recovered from a supply shock.
All eyes will be on the Federal Reserve which meets tonight on policy rates with 25 bps cut being priced in.
On Tuesday, the local unit ended lower by 18 paise at 71.78 against the US dollar.
The currency was trading at 71.48 a dollar, up 30 paise from its Tuesday’s close of 71.78/$. The home currency opened at 71.49 and touched a high and a low of 71.43 and 71.51 a dollar, respectively.
The yields on the 10-year government bonds declined 0.95% at 6.67% from the previous close of 6.73%. Also, the dollar traded near a seven-week high versus the yen as oil markets recovered from a supply shock.
All eyes will be on the Federal Reserve which meets tonight on policy rates with 25 bps cut being priced in.
On Tuesday, the local unit ended lower by 18 paise at 71.78 against the US dollar.
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