Rupee Opens Marginally Lower At 61.78 Per Dollar

The Indian rupee on Tuesday weakened marginally against the dollar, tracking losses in the Asian currencies market.

At 9.07am, the rupee was trading at 61.78 per dollar, down 0.11%. The local currency opened at 61.79 per dollar, compared with its previous close of 61.71.

India’s benchmark equity index, BSE Sensex was trading at 28,326.94 points, up 0.23%.

Most of the Asian currencies were trading lower. The South Korean won was down 0.7%, Malaysian ringgit 0.61%, Japanese yen 0.52%, Thai baht 0.36%, Singapore dollar 0.31%, Philippine peso 0.24%, Indonesian rupiah 0.19% and Taiwan dollar 0.16%.

The yield on India’s 10-year benchmark bond stood at 7.723% compared with its Friday’s close of 7.724%. Bond yields and prices move in opposite directions.Since the beginning of this year, the rupee has strengthened 2.05% against the dollar, while foreign institutional investors have bought $155.7 million during the period from local equity markets and bought $2,016.5 million from debt markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.813, up 0.32% from its previous close of 92.52.The Indian economy will expand 6.3% in fiscal year through March 2016 and 6.5% in fiscal year 2017, the International Monetary Fund projected in its world economic outlook.

Source:- livemint.com