scorecardresearchIndian rupee firms to over 3-week high at 79.15; yields little changed

Indian rupee firms to over 3-week high at 79.15; yields little changed

Updated: 01 Aug 2022, 09:55 AM IST
TL;DR.

The partially convertible rupee was trading around 79.15 per dollar in early morning trade, its strongest since July 7, compared to a close of 79.25 on Friday.

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(Reuters) - The Indian rupee firmed to a more than three-week high on Monday as the greenback languished on bets the U.S. Federal Reserve would scale back its pace of rate hikes as the world's biggest economy stares at a possible recession.

The partially convertible rupee was trading around 79.15 per dollar in early morning trade, its strongest since July 7, compared to a close of 79.25 on Friday.

India's 10-year government bond yields were little changed at 7.2983% after dropping by 9 basis points last week to 7.3196%.

Markets now look towards the Reserve Bank of India's monetary policy decision on Friday where a 35-50 point basis point rate hike was expected.

First Published: 01 Aug 2022, 09:55 AM IST