Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking losses in its Asian peers.
At 2.13pm, the home currency was trading at 66.68, down 0.11% from its previous close of 66.58. The rupee opened at 66.69 a dollar and touched a low of 66.74, a level last seen on 26 April.
Asian currencies were trading lower. Malaysian ringgit was down 0.95%, South Korean won 0.61%, Japanese yen 0.59% and Taiwan dollar 0.29%. However, Philippines peso was up 0.76%, Singapore dollar 0.19% and Indonesian rupiah rose 0.18%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.142, up 0.01% from its previous close of 94.128. Since 2 May, it gained 1.8%.
Minneapolis Fed president Neel Kashkari on Monday said he supported the current dovish stance of the Federal Reserve, during a speech to the Economic Club of Minneapolis. Chicago Fed president Charles Evans, speaking in London, said a stronger labour market is underpinning growth prospects, Reuters reported.
India’s benchmark Sensex index rose 0.32% or 83 points to 25,766.35. So far this year, Sensex is down 1.3%.
India’s 10-year bond yield was trading at 7.428%, as compared with its Monday’s close of 7.425%.
So far this year, the rupee has weakened 0.7%, while foreign institutional investors have bought $1.71 billion from the local equity market and sold $143.90 million in debt markets.
Traders are cautious ahead of the Chinese inflation data expected later on Tuesday. China’s consumer inflation might show a rise to its highest levels since May 2014.
Source:.livemint.com
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