The Indian rupee on Friday erased all the morning gains and was trading marginally lower against the dollar tracking losses in the local equity market.
At 2.06pm, the rupee was trading at 61.96 per dollar, down 0.15% from its previous close of 61.87. The local currency opened at 61.84 per dollar and touched a low of 61.97—a level last seen on 16 January.
India’s benchmark equity index, BSE Sensex, was trading at 29,275 points, down 1.7% or 500 points lower.
Asian currencies were trading mixed against the dollar. The Japanese yen was up 0.47%, Singapore dollar 0.28%, Thai baht 0.27%. However, Indonesian rupiah was down 0.71%, Taiwan dollar 0.07%, Philippines peso 0.07%, China renminbi 0.06%.
The yield on India’s 10-year benchmark bond stood at 7.708% compared with its Thursday’s close of 7.713%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has strengthen 1.82% against the dollar, while foreign institutional investors have bought $1.72 billion from local equity markets and bought $3.05 billion from debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.565, down 0.23% from its previous close of 94.782.
Source:- livemint.com
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