The Indian rupee on Monday weakened past the 62 mark against the dollar, tracking losses in the Asian currencies market. The weak local equity markets also muted down sentiment.The local currency opened at 62 per dollar. At 9.17am, the rupee was trading at 61.94 per dollar, down 0.12% from its previous close of 61.87.India’s benchmark equity index, BSE Sensex, was trading at 29,119 points, down 0.33%.
Most of the Asian currencies were trading weaker against the dollar. The South Korean won was down 0.78%, Indonesian rupiah fell 0.42%, Taiwan dollar was down 0.41%, Japanese yen fell 0.23%, Philippines peso fell 0.23%, China renminbi fell 0.15%. However, Thai baht was up 0.27%.
Reserve Bank of India (RBI) will present its bi-monthly policy on 3 February. RBI is widely expected to keep interest rates on hold after a off-policy rate cut in January. Rates are likely to head lower from here. However, all eyes will be on the central bank’s guidance regarding the quantum of rate cuts with bets ranging from 50 basis points to 100 basis points during the course of 2015, Mint reported.
The yield on India’s 10-year benchmark bond stood at 7.682% compared with its Friday’s close of 7.692%. Bond yields and prices move in opposite directions.Since the beginning of this year, the rupee has strengthened 1.73% against the dollar, while foreign institutional investors have bought $2.02 billion during the period from local equity markets and bought $3.34 billion from debt markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.785, down 0.02% from its previous close of 94.804.
Source:- livemint.com
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