Mumbai: The rupee strengthened marginally against the US dollar, tracking gains in its Asian peers and ahead of the US Federal Reserve decision due later on Wednesday.

The home currency opened at 64.26 a dollar. At 9.15am, the rupee was trading at 64.26 a dollar, up 0.12% from its Tuesday’s close of 64.33.

Traders turn to Fed decision, with a focus on details on the unwinding part of the central bank’s $4.5 trillion balance sheet.

The 10-year bond yield was at 6.590% compared to its previous close of 6.592%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.07% or 22.61 points to 32,424.98. So far this year, it has risen over 21.09%.

So far this year, the rupee has gained 6%, while foreign institutional investors (FIIs) have bought $6.78 billion and $20.41 billion in equity and debt, respectively.

Asian currencies were trading higher. South Korean won was up 0.32%, China renminbi 0.23%, China offshore 0.22%, Philippines peso 0.18%, Indonesian rupiah 0.11%, Singapore dollar 0.1%, Taiwan dollar 0.09% and Japanese yen 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.732, down 0.07% from its previous close of 91.793.

Source:livemint.com