Rupee weakens against US dollar in opening trade


Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking losses in the Asian currencies markets.

The rupee opened at 64.51 a dollar. At 9.15am, the rupee was trading at 64.53 a dollar, down 0.13% from its Monday’s close of 64.43.

The 10-year bond yield was at 6.476% compared to its previous close of 6.467%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.26% or 80.17 points to 31,391.74. So far this year, it has risen 17%.

So far this year, the rupee has gained 5.25%, while foreign investors bought $8.24 billion and $13.60 billion in local equity and debt markets, respectively.

Asian currencies were trading lower following hawkish comments from US Federal Reserve Bank of New York president William Dudley.

South Korean won was down 0.38%, Philippines peso 0.29%, Malaysian ringgit 0.16%, Japanese yen 0.14%, China renminbi 0.14% and Taiwan dollar fell 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.525, down 0.02% from its previous close of 97.548.

Dudley said he was confident the expansion had a long way to go, while Chicago’s Charles Evans said fundamentals are good.