The Indian rupee on Friday opened lower tracking losses in Asian currencies and ahead of Index of Industrial Production (IIP) data. The domestic currency opened at 60.33 per dollar, down 0.4% from its Thursday’s close of 60.07.
India’s equity benchmark Sensex index was trading at 22,642.05 points on BSE, down 0.32%.Most Asian currencies were trading lower, with the Indonesian ruphiah down 0.83%, Malaysian ringgit down 0.44%,Taiwan dollar down 0.26% and the Philippines peso down 0.18%.
Since the beginning of this year, the rupee has gained 2.45% against dollar, while foreign institutional investors have bought $4.76 billion from local equity markets.
The yield on India’s 10-year benchmark bond was trading at 9.014%, compared with its Thursday’s close of 9.001%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.395, up 0.02% from its previous close of 79.383.The government will issue the IIP data at 5.30pm on Friday.A Bloomberg poll showed that the IIP will grow 1% in February as against 0.1% in January.
Source:- livemint.com
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