Rupee weakens against US dollar in opening trade
Mumbai: The Indian rupee on Thursday weakened against the US dollar, tracking losses in the local equity and Asian currencies market.
The rupee opened at 63.92 a dollar. At 9.15am, the rupee was trading at 63.97 a dollar, down 0.20% from its Tuesday’s close of 63.84.
The benchmark Sensex index fell 0.19% or 61.87 points to 31,735.97. So far this year, it has risen over 19.4%.
The 10-year bond yield was at 6.476%, compared to its previous close of 6.466%. Bond yields and prices move in opposite directions.
So far this year, the rupee gained 6.4%, while foreign institutional investors (FIIs) bought $8.98 billion and $18.83 billion in equity and debt markets, respectively.
Asian currencies were trading lower. Traders are focusing on US inflation data due Friday given its potential impact on Federal Reserve’s monetary policy.
South Korean won was down 0.57%, Taiwan dollar 0.18%, Malaysian ringgit 0.15%, Philippines peso 0.12% and Indonesian rupiah 0.05. However, China offshore spot was up 0.22%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.622, up 0.08% from its previous close of 93.548.