The Indian rupee on Monday weakened against the dollar as the Index of Industrial production (IIP) numbers for May were below expectations.
The local unit opened at 63.45 per dollar. At 9.09am, the home currency was trading at 63.46, down 0.10% from its previous close of 63.40. Industrial production grew by 2.7% in May 2015 against expectations of 4.4%, led by a sharp fall in capital goods and consumer goods data.
The Sensex index gained 0.28% or 77.92 points to 27,739.32 points in pre-opening trade. Among the Asian currencies, Hong Kong dollar lost 0.004%, Indonesian rupiah gained 0.113%, Japanese yen gained 0.180%, Malaysian ringgit lost 0.184%, Philippine peso lost 0.182%, Singapore dollar lost 0.059%, South Korean won lost 0.244%, Taiwan dollar gained 0.097% and Thai baht lost 0.141%.
The yield on India’s 10-year benchmark bond was trading at 7.89% compared with its Friday’s close of 7.80%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 0.68%, while foreign institutional investors have bought $13.26 billion from local equity and bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.014, down 0.001% from the previous close of 96.025.
Source:livemint.com
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