Rupee closes lower against US dollar
Mumbai: The Indian rupee on Friday closed weaker against US dollar ahead of gross domestic (GDP) data next week.
The home currency closed at 64.70 a dollar, down 0.20% from its Thursday’s close of 64.57. The rupee opened at 64.59 a dollar and touched a high and a low of 64.55 and 64.75, respectively.
S&P Global Ratings review of India’s sovereign rating is expected on Friday, reported The Indian Express. The government is bracing for both a positive and a negative outcome of the assessment, added the report.
Traders are cautious ahead of GDP data for third quarter on 30 November. According to Bloomberg analyst estimates, gross value added (GVA) will be at 6.3% from 5.6% a quarter ago, while GDP will be at 6.5% from 5.7% last quarter.
The benchmark Sensex rose 0.27%, or 91.16 points, to 33,679.24. So far this year, it has gained 26%.
Bond yield rose for a fourth consecutive session. The 10-year bond yield ended at 7.003%, compared to its previous close of 6.99%. Bond yields and prices move in opposite directions.
So far this year, the rupee has gained 5%, while foreign institutional investors have bought $8.13 billion and $22.70 billion in equity and debt, respectively.
Asian currencies were trading lower. China offshore spot was down 0.31%, China renminbi 0.30%, Japanese yen 0.24%, Malaysian ringgit 0.21%, Philippines peso 0.11%, Singapore dollar 0.09%. However, Indonesian rupiah was up 0.05% and Hong Kong dollar 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.142, down 0.09%, from its previous close of 93.22.