Rupee at over 1 week high; opens at 59.32 against dollar

The rupee rallied to a more than 1-week high and bond yields fell today on easing worries about selling by foreign investors after comments from Federal Reserve chairman Ben Bernanke on US stimulus were seen as more dovish.

The rupee rallied to a more than 1-week high and bond yields fell on Thursday on easing worries about selling by foreign investors after comments from Federal Reserve chairman Ben Bernanke on US stimulus were seen as more dovish.

Bernanke said on Wednesday a highly accommodative monetary policy would be needed for the foreseeable future, sparking hopes any tapering of the asset purchase programme may not be necessarily close.

The rupee was at 59.38/39 per dollar at 9:01 am, after opening at 59.32, its strongest since July 2.

The rupee closed at 59.66/67 on Wednesday. The benchmark 10-year bond yield opened down 7 basis points at 7.45%.