The Indian rupee on Monday opened lower at 62.35 per dollar against its Friday’s close of 62.15, as the US currency held steady, supported by an upbeat outlook on the US economy by outgoing Federal Reserve chairman Ben Bernanke that fanned expectations of more stimulus reduction from the US central bank. .
The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.85, up 0.07% from the previous close of 80.79.
The yield on India’s 10-year benchmark bond was trading at 8.837%, compared with its Friday’s close of 8.837%.
At 9.08am, the domestic currency was trading at 62.37 per dollar, down 0.34% from previous close. India’s benchmark Sensex was trading at 20,913.79 points, up 0.3%.
The HSBC Services Purchasing Managers’ Index, compiled by Markit, will be out at 10.30am for December on Monday. The services PMI for November stood at 47.2.
Traders will be on the lookout for possible RBI intervention after talks that the central bank intervened in Friday trade to prop up the rupee gainst the dollar.Foreign funds were net sellers of $2.9 million in stocks on Friday, provisional exchange data showed.
Source:- livemint.com
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