Rupee trades marginally higher at 67.08 against US dollar.

Mumbai: The Indian rupee on Thursday was trading little changed against the US dollar, as traders turned cautious ahead of the announcement of measures to enhance for corporate bond markets by the Reserve Bank of India and a speech from US Fed chairwoman Janet Yellen.

The rupee opened at 67.08 per dollar. At 9.12am, the home currency was trading at 67.08 per dollar, up 0.04% from its previous close of 67.10.

The RBI will announce measures to enhance corporate bond market in India due later today, according to the central bank’s deputy governor S.S. Mundra.

The 10-year bond yield was trading at 7.122%, compared with its Wednesday’s close of 7.135%. Bond yields and prices move in opposite directions.

Investors are eagerly awaiting a speech from Yellen, who will scheduled to speak on Friday on the US economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming. Yellen’s remarks will be delivered following the hawkish rhetoric from Fed vice-chairman Stanley Fischer and New York Fed president William Dudley, Reuters reported.

India’s benchmark Sensex index rose 0.15% or 37.68 points to 28,097.62. So far this year, it has gained 7.5%.

The rupee is down 1.35% till date this year, while foreign institutional investors (FIIs) have bought $5.83 billion in equity and sold $1.18 billion in debt markets.

Asian currencies were trading higher. South Korean won was up 0.42%, Taiwan dollar 0.2%, Malaysian ringgit 0.19%, Thai Baht 0.15%, Singapore dollar 0.12%, Philippines peso 0.06%. However, Indonesian rupiah was down 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.749, down 0.03% from its previous close of 94.786.

Source : livemint.com​