The Indian rupee on Tuesday opened lower against the US dollar, tracking losses in the Asian currencies market. The local unit opened at 64.15 per dollar. At 9.08 am, the home currency was trading at 64.16, down 0.46% from previous close of 63.87.
China’s central bank cut the currency’s reference rate by a record 1.9% on Tuesday. This will strengthen the market’s role in the fixing and promote the convergence of the onshore and offshore rates, a stronger yuan puts pressure on exports.
Most of the Asian currencies were trading lower. Chinese renminbi was down 1.43%, Japanese yen down 0.08%, Malaysian ringgit 0.11%, Singapore dollar 0.79%, Taiwan dollar 0.47%, Hong Kong dollar 0.01%, South Korean won 0.63%, Thai baht 0.54%, Philippines peso 0.11% and Indonesian rupiah 0.05%.
The Sensex index gained 0.33% or 91.54 points to 28,193.29 points in pre-opening trade.The yield on India’s 10-year benchmark bond was trading at 7.80% compared with its Monday’s close of 7.79%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 1.3%, while foreign institutional investors have bought $13.44 billion from local equity and bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.47, up 0.32% from the previous close of 97.159.
Source:livemint.com
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