Mumbai: The Indian rupee on Thursday weakened for a second session against the US dollar, tracking losses in its Asian peers amid mounting concern about the global growth outlook after Apple cut its revenue forecast. At 9.15am, the rupee was trading at 70.37 a dollar, down 0.22% from previous close of 70.17. The currency opened at 70.17. The 10-year gilt yield was trading at 7.393% from its previous close of 7.355%. Bond yields and prices move in opposite directions.
Rupee weakens against dollar on global growth concerns
Apple on Wednesday cut the revenue forecast for its latest quarter, citing fewer iPhone upgrades and weak sales in China. The company forecast $84 billion in revenue for its fiscal first quarter ended 29 December, which is below analysts’ estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecast revenue of between $89 billion and $93 billion, Reuters reported.
The benchmark Sensex index rose 0.12% to 35934.63 points. Year to date, it is up 5%.
So far this year, the rupee has declined 0.86%, while foreign investors have bought $67.7 million in equities and sold $80.60 million in the debt markets.
Asian currencies were trading lower. South Korean won was down 0.76%, Taiwan dollar 0.33%, China renminbi 0.23%, Philippines peso 0.2%, Indonesian rupiah 0.17%, Malaysian ringgit 0.15%, China offshore 0.13%. However, Japanese yen was up 1.6%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.521, down 0.3% from its previous close of 96.819.