Rupee rises further to 60.69 per dollar after opening flat.

​Mumbai: The Indian rupee on Tuesday opened flat but soon rose on expectation of continued dollar inflows from foreign institutional investors. Strong Asian currencies also supported the rupee.

At 9.10am, the rupee was trading at 60.69, up 0.26% from its previous close of 60.84. Earlier, the unit had opened flat at 60.84 per dollar. The 30-share bellwether BSE Sensex was trading at 21,918.83 points on BSE, down 0.07%.

All the Asian currencies were trading up with the South Korean won up 0.23%, Singapore dollar up 0.2%, Thai baht up 0.19%, Malaysian ringgit up 0.17%.

Since the beginning of this year, the rupee has gained 1.84%, while foreign institutional investors have bought $1.25 billion during the period from local equity markets.

The yield on India’s 10-year benchmark bond was trading at 8.74%, compared with its Monday’s close of 8.78%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.77, up 0.02% from the previous close of 79.76.

The government will issue index of industrial production (IIP) data for January and consumer price index (CPI) Inflation for February on Wednesday. A Bloomberg poll showed that IIP will be -1% for January as against -0.6% in December while for CPI analyst expects that it will be 8.3% for February as against 8.79% in January.

Source : livemint.com