Rupee firms up marginally, trades at 82.58 a dollar as most Asian currencies gain

Traders are anticipating PMI releases from various countries and the NFPR report on Friday. The market seems to be trading within a range as everyone awaits the upcoming US and India GDP data later in the week.

Rupee strengthened marginally against the US dollar on August 28, tracking gains in the Asian markets. At 9.10am, the home currency was trading at 82.58 to a dollar, up 0.1 percent from its previous close of 82.66.

Traders are anticipating PMI releases from various countries and the NFPR report on Friday. The market seems to be trading within a range as everyone awaits the upcoming US and India GDP data later this week.

The Asian stock markets received a boost as China halved the stamp duty on stock trading. However, Powell's statements left investors uncertain, as he mentioned the central bank's readiness for further rate hikes until inflation confidently reaches the 2 percent target. Yet, he acknowledged the uncertainty due to the economy possibly not fully feeling the impact of the  monetary tightening through the past 1.5 years.

The US 10-year yield remained steady around 4.24 percent, while the dollar index dipped to 104.11. Asian currencies showed slight strength against the dollar, with the yen weakening to 146.50 levels. Brent Crude maintained stability around $84 levels.

Thai Baht fell 0.37 percent, Malaysian ringgit 0.27 percent, and Philippines peso and Taiwan dollar lost 0.07 percent each. China Offshore spot gained 0.1 percent and Singapore dollar 0.04 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.08, down 0.01 percent from its previous close of 104.07.

With Bloomberg inputs