The Indian rupee on Friday weakened marginally in the afternoon trading session against the dollar, tracking the weak local equities markets, even as currencies in the region were largely up against the dollar.
At 2.05 pm, the rupee was trading at 61.77 per dollar, down 0.05% from its previous close of 61.74. The local currency opened at 61.71 per dollar and fell to 61.80 in the day.
India’s benchmark Sensex was trading at 28,818.84 points, down 0.11%.
Since 29 January, the Sensex has fallen over 800 points, as investors avoided taking long positions ahead of the Delhi assembly polls on 7 February. According to Bank of America Merill Lynch Equity Strategy report dated 4 February, a loss in Delhi polls for the Bharatiya Janata Party (BJP) could provide an excuse for a correction.
Most of the Asian currencies were trading higher against the dollar. The Malaysian ringgit was up 0.69%, Taiwanese dollar 0.17%, South Korean won 0.14%, Japanese yen 0.14%, Chinese renminbi 0.13%, Indonesian rupiah 0.13%, Thai baht 0.13%. However, Philippines peso was down 0.11%, Singaporean dollar fell 0.1% against the dollar.
The yield on India’s 10-year benchmark bond stood at 7.701% compared with its Thursday’s close of 7.702%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has strengthened 2.06% against the dollar, while foreign institutional investors have bought $2.75 billion from local equity markets and bought $4.40 billion from debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.659, up 0.10% from its previous close of 93.569.
Source:livemint.com
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