The Indian rupee on Wednesday was trading marginally higher against the US dollar, ahead of introduction of GST Amendment bill in upper house of parliament due later on Wednesday. This was the seventh consecutive session when the rupee is trading higher.
The rupee opened at 66.70 a dollar. At 9.10am, the home currency was trading at 66.72 a dollar, up 0.03% from its previous close of 66.74.
With the government successfully stitching together a political consensus on the goods and services tax (GST) bill, the Rajya Sabha is set to endorse the legislation to roll out the landmark tax reform that will create a common market of 1.25 billion people.
The key to forging consensus was the amendments the National Democratic Alliance (NDA) effected in the bill, a copy of which was circulated among Rajya Sabha members on Tuesday, Mint reported.
India’s benchmark Sensex index rose 0.07% or 18.60 points to 28,012.75. So far this year, it gained 7.14%.
So far this year, the rupee is down 0.85%, while foreign institutional investors (FIIs) have bought $4.74 billion in equity and sold $868.80 million in debt markets.
Meanwhile, India’s 10-year bond yield was at 7.181%, as compared with its Tuesday’s close of 7.177%.
Most Asian currencies were trading lower. Malaysian ringgit was down 0.69%, ¥0.34%, South Korean won 0.18%, Indonesian rupiah 0.15%, Singapore dollar 0.1%, Taiwan dollar 0.07%, China Offshore spot 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.215, up 0.16% from its previous close of 95.064.