Rupee opens Marginally Lower Against US Dollar ahead of Fed Meet

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US Dollar ahead of Fed Meet

US Dollar ahead of Fed MeetGold Silver Reports — Rupee opens Marginally Lower Against US Dollar ahead of Fed Meet — The rupee on Tuesday weakened marginally against the US dollar, ahead of the US Federal Reserve meeting.

The home currency opened at 64.16 a dollar. At 9.15am, the rupee was trading at 64.16 a dollar, down 0.05% from its Monday’s close of 64.08.

Fed begins its two-day meeting Tuesday, where the central bank is expected to provide details on winding down its balance sheet.

The 10-year bond yield was at 6.602% compared to its previous close of 6.610%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.32% or 103.53 points to 32,527.29. So far this year, it has risen over 21.09%.

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So far this year, the rupee has gained 6%, while foreign institutional investors (FIIs) have bought $6.80 billion and $20.40 billion in equity and debt, respectively.

Asian currencies were trading mixed. South Korean won was down 0.33%, China renminbi 0.22%, China offshore 0.19%, Taiwan dollar 0.08% and Indonesian rupiah fell 0.06%. However, Hong Kong dollar was up 0.19%, Japanese yen 0.08%, Singapore dollar 0.06%, Philippines peso 0.06% and Thai baht rose 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.929, down 0.13% from its previous close of 92.047.

Rupee opens Marginally Lower Against US Dollar ahead of Fed Meet | Neal Bhai Reports