The Indian rupee was trading lower against the US dollar in the afternoon on Wednesday, tracking peers in the Asian markets and ahead of the release of the consumer price inflation and industrial production data later in the day.
At 2.09pm, the rupee was trading at 61.09 per dollar, down 0.21% from its previous close, while India’s equity benchmark BSE Sensex was trading at 21,863.37 points, up 0.17%.The partially convertible Indian currency opened at 61.13 per dollar against its Tuesday’s close of 60.95. Since the beginning of this year, the rupee has gained 1.17%, while foreign institutional investors have bought $634.4 million from local equity markets.
Most Asian currencies were seen trading weaker against the dollar on Wednesday. The South Korean won was down 0.51%, Philippines peso fell 0.4%, Indonesian rupiah weakened 0.31% and Malaysian ringgit slipped 0.26%.The government will release the Index of Industrial Production (IIP) data for January and consumer price index (CPI)-based Inflation for February later in the day. A Bloomberg poll showed that IIP will fall 1% for January as against a contraction of 0.6% in December, while CPI is expected to be 8.3% in February as against 8.79% in January.The yield on India’s 10-year benchmark bond stood at 8.731%, compared with its Tuesday’s close of 8.736%. Bond yields and prices move in opposite directions.The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.821, up 0.11% from its previous close of 79.736.
Source:- livemint.com
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