The Indian rupee on Tuesday weakened against the US dollar, following cues from the Asian currencies markets. At 2.23pm, the home currency was trading at 63.60, down 0.13% from its previous close of 63.52. The local unit opened at 63.60 per dollar and touched a high and a low of 63.55 and 63.66, respectively.
Most of the Asian currencies were trading lower. South Korean won was down 0.52%, Malaysian ringgit 0.29%, Taiwan dollar 0.24%, Japanese yen 0.22%, Singapore dollar 0.16%, while Philippines peso declined 0.16%.
The local equity market was trading higher for the eight consecutive session. The Sensex was trading at 27,799.72, up 0.25%, or 70.50 points. Since 11 June till date, the Sensex has gained 1,425 points, or 5.37%.
The yield on India’s 10-year benchmark bond was trading at 7.764% compared with its Monday’s close of 7.736%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 0.85%, while foreign institutional investors have bought $6.25 billion from local equity and $6.35 billion from bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.916, up 0.62% from its previous close of 94.329.
Source:livemint.com
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