The rupee on Tuesday strengthened against the US dollar, tracking gains in the Asian currencies markets.

The home currency closed at 67.06 per dollar, up 0.18% from its previous close of 67.19. The rupee opened at 67.12 per dollar and touched a high and a low of 67.04 and 67.14 respectively.

Asian currencies closed higher. The South Korean won was up 1%, Philippines peso 0.23%, Taiwan dollar 0.22%, Japanese yen 0.2%, Thai baht 0.2%, Chinese renminbi 0.12%, Singapore dollar 0.1%, China offshore 0.1%.

US Federal Reserve chair Janet Yellen is scheduled to deliver a speech 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.

The 10-year bond yield closed at 7.159%, compared with its Monday’s close of 7.161%. Bond yields and prices move in opposite directions.

India’s benchmark Sensex index rose 4.67 points, or 0.02%, to 27,990.21. So far this year, it has gained 7.17%.

The rupee is down 1.35% till date this year, while foreign institutional investors have bought $5.85 billion in equity and sold $1.1 billion in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.346, down 0.18% from its previous close of 94.519.

Sources ;livemint.com