Rupee maintains upward trend; sees marginal gains in early Monday trade
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The rupee strengthened early on Monday, maintaining its upward trend from the previous session, despite a spike in U.S. bond yields as investors reduced their bets on a rate cut by the US Federal Reserve in June. Broad-based dollar sales from local and foreign banks helped the rupee on Monday. The rupee was at 83.26 to the dollar as of 9:45 a.m. IST, up slightly from 83.2950 in the previous session. Additionally, a moderation in oil prices on easing tensions in west Asia is also likely to assist the rupee. The dollar index was little changed at 104.3 while Asian currencies were mixed. Treasury yields increased following data that revealed US. job growth was stronger than anticipated in March, prompting a pullback in odds of a rate cut at the Fed’s June meeting. Meanwhile, dollar-rupee forward premiums declined, with the 1-year implied yield down 2 bps at 1.65%, pressured by the rise in U.S. bond yields.

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https://www.financialexpress.com/market/rupee-maintains-upward-trend-sees-marginal-gains-in-early-monday-trade-3449726/