The Indian rupee on Thursday weakened against the US dollar.
At 2pm, the home currency was trading at 66.40 per dollar, down 0.13% from its previous close of 66.37. The rupee opened at 66.47 per dollar and touched a high and a low of 66.39 and 66.49, respectively.
India’s benchmark Sensex index rose 0.24% or 68 points to 28,994.36. So far this year, it has gained 11%.
Bond yield fell in 10 out of 12 trading sessions. The 10-year bond yield was trading at 7.055% from its Wednesday’s close of 7.056%.
Yield on 6.97% 2026 bond, which is the new 10-year debt, was trading at 6.829% from its previous close of 6.824%. Bond yields and prices move in opposite directions.
The government will issue consumer price index (CPI) inflation data for August and Index of Industrial production (IIP) data for July on 12 September. Wholesale price index (WPI) inflation data for August is due on 14 September.
According to a Religare Securities report, retail inflation is set to ease to 5.5% in August from 6.1% in July as food inflation is likely to decline 150 basis points on disinflation in vegetables and pulses. WPI inflation is expected to touch a two-year high of 4.3% in August. There is limited scope for further rate cuts as of now; however, the Reserve Bank of India (RBI) will continue to “ease by stealth” via open market operations.
The rupee is down 0.4% till date this year, while foreign institutional investors (FIIs) have bought $6.30 billion in equity and sold $997.2 million in debt markets.
Asian currencies were trading mixed. Malaysian ringgit was up 0.46%, Japanese yen 0.17% and Indonesian rupiah 0.12%. However, Philippines peso was down 0.47%, South Korean won 0.24%, Thai baht 0.12% and Taiwan dollar 0.11%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.853, down 0.10% from its previous close of 94.956.
Sources:.livemint.com
No comments:
Post a Comment