Rupee opens marginally weaker against US dollar


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

The rupee opened at 63.59 a dollar. At 9.15am, the home currency was trading at 63.60 a dollar, down 0.08% from its Friday’s close of 63.69.

The 10-year bond yield was at 7.298% compared to its previous close of 7.307%. Bond yields and prices move in opposite directions.

Traders are cautious as the government will issue the Economic Survey on Monday and its last full-year Union budget on 1 February before the 2019 elections. Traders will also watch Reserve Bank of India’s (RBI) bi-monthly policy on 7 February.

Globally, US President Donald Trump will deliver his first State of the Union address Tuesday, while Janet Yellen will host final Fed meeting as chair on 30-31 January.

The benchmark Sensex rose 0.16%, or 55.92 points, to 36,106.36. So far this year, it has gained 5.85%.

So far this year, the rupee has gained 0.5%, while foreign investors have bought $1.76 billion and $972.10 million in equity and debt market, respectively.

Asian currencies were trading lower. Japanese yen was down 0.23%, Philippines peso 0.2%, Taiwan dollar 0.17%, South Korean won 0.12%, Indonesian rupiah 0.11% and Singapore dollar fell 0.08%. However, Thai baht was up 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 89.227, up 0.18% from its previous close of 89.067.livemint