BackRupee closes at one-week low against US dollar
The rupee closed at 68.13 a dollar, down 0.08% from Wednesday's close of 68.08
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Mumbai: The Indian rupee on Thursday weakened for the second session to hit a one-week low against the US dollar tracking the losses in the Asian currencies markets.
The home currency closed at 68.13 a dollar, down 0.08% from Wednesday’s close of 68.08. The rupee opened at 68.20 a dollar and touched a low of 68.27. So far this year, it has fallen 0.2%.
Asian currencies were trading lower after comments by US Federal Reserve chair Janet Yellen switched the market’s focus back to the prospect for higher US interest rates.
Yellen said the US economy is “close" to the central bank’s objectives of full employment and stable prices and that she was confident that it will continue to improve, Bloomberg reported.
South Korean won was down 0.92%, Philippines peso 0.28%, China renminbi 0.24%, Indonesian rupiah 0.22%, Taiwan dollar 0.14%, Malaysian ringgit 0.11%, China offshore 0.07%. However, Singapore dollar was up 0.15% and Thai baht 0.09%.
Traders have been largely focusing on US President-elect Donald Trump’s plans for fiscal stimulus, deregulation of certain sectors and tax reform as he will take oath as US President on Friday.
India’s benchmark Sensex index closed at 27,308.60 points, up 0.19% or 50.96 from its previous close. So far this year, it has gained 2.5%.
The 10-year bond yield closed at 6.476%, compared to Wednesday’s close of 6.454%. Bond yields and prices move in opposite directions.
So far this year, foreign institutional investors have sold $447.50 million and $312.60 million in equity and debt, respectively.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.21, up 0.28% from its previous close of 100.93.
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