The Indian rupee on Monday opened with little change against the dollar, as dealers awaited fresh economic data to take dollar positions.
Last week, the wholesale price index fell 2.65% for April as compared with 2.33% for March. Gross domestic product numbers for the first quarter will be reported next week.
The local unit opened at 63.47 per dollar. At 9.07am, the home currency was trading at 63.48, up 0.07% from its previous close of 63.52. The Sensex rose 0.34% or 92.27 points to 27,416.97 points in pre-opening trade.
Among the Asian currencies, Malaysian ringgit lost 0.232%, Thai baht gained 0.033%, Taiwan dollar gained 0.118%, South Korean won gained 0.056%, Philippine peso gained 0.061%, Indonesian rupiah lost 0.267%, Singapore dollar lost 0.136%, Hong Kong dollar lost 0.006% and Japanese yen lost 0.318%.
The yield on India’s 10-year benchmark bond was trading at 7.924% compared with its Friday’s close of 7.945%. Bond yields and prices move in opposite directions. Since the beginning of this year, the rupee has lost 0.74%, while foreign institutional investors have bought $12.5 billion from local equity and bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.419, up 0.3% from its previous close of 93.135.
Source:livemint.com
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