Rupee opens lower at 66.92 against US dollar

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Mumbai: The Indian rupee on Monday weakened against the US dollar, after the Chinese market continued to slide.

The local currency opened at 66.92 a dollar. At 9.12am, the rupee was trading at 66.86 a dollar, down 0.33% from its previous close of 66.64. The rupee has fallen 6.21% during this financial year.

India’s benchmark equity index, BSE Sensex, was trading at 24,787.11 points, down 0.59% or 147.22 points. Since 1 January, the Sensex is down 5.1% or 1350 points.

The Shanghai Composite Index slid 3.3% to 3,080.89 points. The Hang Seng China Enterprises Index tumbled 4% while the Hang Seng index fell below 20,000 for the first time since 2013.

Asian currencies were trading mixed. China reported a record 46th monthly decline in producer prices on Saturday and the nation’s consumer price inflation remained at about half the government’s 2015 target, leaving policy makers more room to add to their record stimulus and boost flagging growth, Bloomberg reported.

Singapore dollar was up 0.22%, China renminbi 0.19% and China offshore 0.17% However, South Korean won was down 0.86%, Malaysian ringgit 0.26%, Taiwan dollar 0.18% and Philippines peso 0.15%.

Since 1 April, the Sensex is down over 10.81%, while foreign institutional investors have sold $2.96 billion from local equity markets and bought $1.04 billion from the debt market.

Meanwhile, the yield on India’s current 10-year benchmark bond stood at 7.739% compared with its Friday’s close of 7.744%. Bond yields and prices move in opposite directions.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.415, down 0.13% from its previous close of 98.54.

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