Rupee closes at one-week low against US dollar ahead of key macro data
Mumbai: The Indian rupee closed at a one week low against the US dollar after local equity markets fell ahead of the key macro economic data on Wednesday.
The home currency closed at 64.67 - a level last seen on 5 April, down 0.27% from its Tuesday’s close of 64.50. The rupee opened at 64.62 a dollar and touched a low of 64.74.
The government will issue Index of Industrial Production (IIP) and Consumer Price Index-based (CPI) inflation for February and March, respectively, after 5.30pm.
According to a Bloomberg poll, CPI will be at 3.96% in March from 3.65% a month ago, while IIP will be at 1.3% for February from 2.7% a month ago.
The benchmark Sensex index fell 0.49% or 144.87 points to closed at 29,643.48. So far this year, it has risen 11.33%.
So far this year, the rupee has gained 5.3%, while foreign institutional investors have bought $6.81 billion and $6.30 billion from local equity and debt markets, respectively.
The 10-year bond yield closed at 6.782% compared to its previous close of 6.81%. Bond yields and prices move in opposite directions.
Asian currencies were trading higher. South Korean won was up 0.38%, Taiwan dollar 0.35%, Philippines peso 0.21%, Thai Baht 0.19%, Singapore dollar 0.11%, Malaysian ringgit 0.11%, Indonesian rupiah 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.71, unchanged from its previous close of 100.71.