Meanwhile, the 10-year gilt yield was trading at 7.406% from its previous close of 7.427%. Bond yields and prices move in opposite directions.
Rupee vs US dollar: Indian rupee jumped as much as 31 paise against the US dollar in early morning trading on Friday, amid fall in crude oil prices and weaker US currency. The domestic currency today opened at 69.96 per US dollar, up about 21 paise from its previous close of 70.17 per US dollar.
At 9:40 AM (IST), the Indian currency was trading at 69.90 per US dollar, after touching an intraday high of 69.86 per US dollar and an intraday low of 69.98 per US dollar, according to data available with the Bloomberg website. On the other hand, the 10-year gilt yield was trading at 7.406% from its previous close of 7.427%. Bond yields and prices move in opposite directions.
On Thursday, the rupee had dropped for the second straight session, slipping by 2 paise to 70.20 against the US dollar, on account of overseas fund outflows amid rising trade deficit worries.
Meanwhile, the domestic stock markets opened higher on Friday, tracking positive global cues. The Sensex is up about 120 points to 35,634.15, while the Nifty is trading above the 10,700-mark. Tata Motors shares gained more than 2.2% to hit the day’s high at Rs 169.90, after JLR’s US sales were up 23.6% on-year to 14,079 units.
Financial markets were on edge on Friday as weak U.S. economic data added to fears of a global slowdown and pushed investors to bet the Federal Reserve could reverse policy and start cutting interest rates before the end of this year, the Reuters reported.