Indian rupee opens weaker on trade deficit worries

Indian rupee opens weaker on trade deficit worries
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First Published: Tue, Sep 02 2008. 09 20 AM IST
Updated: Tue, Sep 02 2008. 09 20 AM IST
Mumbai: The Indian rupee opened weaker today, taking the appointment of a new Reserve Bank of India’s (RBI) chief in its stride, as it focused on concerns about a widening trade deficit.
The partially convertible rupee was trading at 44.22/23 per dollar, compared with yesterday’s close of 44.17/18.
Bond yields fell as they drew comfort from a slide in oil prices. The 10—year bond yield was at 8.58%, compared with Monday’s close of 8.62%.
The government on Monday named Duvvuri Subbarao as RBI’s chief to succeed Yaga Venugopal Reddy, whose five-year term ends this week.
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First Published: Tue, Sep 02 2008. 09 20 AM IST
More Topics: Markets | India | Rupee | Trade | Deficit |