The Indian rupee on Thursday weakened against the dollar, tracking weak local equity markets. The local currency opened at 61.89 per dollar. At 9.10am, the rupee was trading at 61.85 per dollar, down 0.16% from its previous close of 61.75.
India’s benchmark Sensex was trading at 28,922.94 points, up 0.14%. Since 29 January, the Sensex has declined over 800 points and foreign investors has sold equities worth Rs.1,750 crore, according to provisional data from the stock exchanges.
Most of the Asian currencies were trading mixed against the dollar. The Malaysian ringgit was down 0.39%, South Korean won 0.34%, Indonesian rupiah 0.1%, Chinese renminbi 0.1%, Philippines peso 0.07%. However, Thai baht was up 0.2%, Taiwanese dollar 0.13%, Japanese yen 0.8%.
The yield on India’s 10-year benchmark bond stood at 7.703% compared with its Wednesday’s close of 7.719%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has strengthened 1.9% against the dollar, while foreign institutional investors have bought $2.75 billion from local equity markets and bought $4.42 billion from debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.301, up 0.34% from its previous close of 93.986.
Source:livemint.com
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