Rupee opens lower at 66.33 against US dollar

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Mumbai: The Indian rupee on Thursday was trading marginally weaker against the US dollar, tracking the losses in its Asian peers.

The rupee opened at 66.33. At 9.12am, the home currency was trading at 66.27, down 0.05% from its previous close of 66.22.

Asian currencies were trading lower. Thai baht was down 0.62%, Malaysian ringgit 0.57%, Philippines peso 0.5%, Indonesian rupiah 0.29%, Taiwan dollar 0.17%, China renminbi 0.15% and Singapore dollar 0.13%. However, Japanese yen was up 0.13%.

India’s benchmark Sensex rose 0.52% or 135.50 points to 25,979.68 points. In the last six trading sessions, the Sensex has gained over 5% or 1,200 points. So far this year, Sensex is down 0.5%.

India’s 10-year bond yield was trading at 7.439%, as compared with its Wednesday’s close of 7.438%.

So far this year, the rupee gained 0.1%, while foreign institutional investors bought $1.41 billion from the local equity market and sold $261.90 million in debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.544, up 0.06% from its previous close of 94.492.

Traders are cautious ahead of the European Central Bank’s (ECB) policy meeting later in the day. ECB president Mario Draghi is likely to drive home the case for ultra-loose monetary policy on Thursday, hitting back after a barrage of criticism from German officials who dispute the bank’s recipe for tackling the euro zone’s economic malaise, Reuters reported.

Data released overnight showed US crude inventories rose 2.1 million barrels in the week to 15 April, compared with analysts’ expectations for an increase of 2.4 million barrels, the report added.