Rupee Opens Lower At 63.62 Per Dollar

The Indian rupee on Monday weakened against the dollar, tracking the losses in the Asian currencies market. The local unit opened at 63.62 per dollar and touched a high and low of 63.62 and 63.59, respectively. At 9.08am, the home currency was trading at 63.62, down 0.15% from its previous close of 63.52.

 

The Sensex fell 0.21% or 59.56 points to 27,897.84 points. The yield on India’s 10-year benchmark bond was trading at 7.862% compared with its Friday’s close of 7.857%. Bond yields and prices move in opposite directions.

 

Since the beginning of this year, the rupee has lost 0.75%, while foreign institutional investors have bought $6.80 billion from local equity and $6.02 billion from bond markets.

 

Most of the Asian currencies were trading lower. South Korean won was down 0.81%, Malaysian ringgit was down 0.51%, Thai baht was down 0.2%, Indonesian rupiah was down 0.14%, Philippines peso was down 0.11%, Singapore dollar was down 0.11% and Japanese yen was down 0.1%.

 

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.285, up 0.28% from its previous close of 96.014.

 

On Friday, Federal Reserve chairwoman Janet Yellen said a rate hike would be warranted this year if the economy keeps improving as expected.

 

Source:livemint.com

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