Rupee trades lower at 66.77 against US dollar

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Mumbai: The Indian rupee on Tuesday weakened marginally against the US dollar, tracking losses in its Asian peers.

The rupee opened at 66.78 a dollar. At 9.10am, the home currency was trading at 66.77 a dollar, down 0.05% from its previous close of 66.74.

Most Asian currencies were trading lower with the dollar firming, with the Malaysian ringgit leading the decline as oil sunk into a bear market on Monday. Malaysian ringgit was down 0.73%, Philippines peso 0.31%, Taiwan dollar 0.25%, Indonesian rupiah 0.25%, Japanese yen 0.23%, South Korean won 0.22%, China offshore spot 0.13%, Singapore dollar 0.12%, while Thai baht and China renminbi fell 0.07% each.

The stage is set for the introduction and likely passage of the constitutional amendment bill in the Rajya Sabha to enable the roll-out of the goods and services tax (GST). Parliamentary affairs minister Ananth Kumar told reporters on Monday that the GST bill has been listed in the Rajya Sabha agenda on Wednesday, Mint reported.

India’s benchmark Sensex index rose 0.15% or 41.52 points to 28,044.64. So far this year, it gained 7.22%.

So far this year, the rupee is down 0.9%, while foreign institutional investors (FIIs) have bought $4.65 billion in equity and sold $887.50 million in debt markets.

Meanwhile, India’s 10-year bond yield was at 7.141%, as compared with its Monday’s close of 7.139%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.795, up 0.08% from its previous close of 95.713.

Crude oil’s sell-off weighed on Asian stocks, with Japanese shares extending declines ahead of details on the government’s fiscal stimulus plans. The yen retreated, while yields on Australian government debt sank to record lows, Bloomberg reported.

The regional equity benchmark slipped from an almost one-year high as US oil hovered around $40 a barrel after descending into a bear market on Monday. Japanese stocks fell with those in South Korea, as morning trading in Hong Kong was scrapped amid the strongest typhoon to hit the city this year, the report added.