The Indian rupee on Thursday weakened against the dollar, tracking the losses in the Asian market.Federal Reserve chairperson Janet Yellen signalled the US central bank is on track to raise interest rates this year. Forecasts issued by the Federal Open Market Committee in June implied two quarter-point rate rises this year, followed by a shallower path of increases than what officials predicted in March.
The local unit opened at 63.51 per dollar. At 9.10am, the home currency was trading at 63.50, down 0.13% from its previous close of 63.42. The Sensex gained 0.22% or 61.41 points to 28,259.70 points in pre-opening trade.
Most of the Asian currencies were trading lower. Japanese yen was down 0.057%, Malaysian ringgit 0.105%, Philippine peso 0.104%, Singapore dollar 0.110%, South Korean won 0.380% and Thai baht 0.114%.
The yield on India’s 10-year benchmark bond was trading at 7.83% compared with its Wednesday’s close of 7.84%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 0.73%, while foreign institutional investors have bought $13.40 billion from local equity and bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.239, up 0.08% from the previous close of 97.166.
Source:livemint.com
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