Rupee weakens slightly against US dollar
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Mumbai: The Indian rupee on Monday weakened against the US dollar, after local equity markets fell for the third consecutive session.
At 2pm, the home currency was trading at 64.48, down 0.32% from its Friday’s close of 64.28. The rupee opened at 64.31 a dollar and touched a low of 64.59 in intraday trade.
The benchmark Sensex index fell 0.28% or 83.31 points to 29,623.30. So far this year, it has risen 12%.
So far this year, the rupee has gained 5.4%, while foreign institutional investors have bought $6.93 billion and $6.07 billion from local equity and debt markets, respectively.
The 10-year bond yield was trading at 6.858% compared to its previous close of 6.821%. Bond yields and prices move in opposite directions.
Asian currencies were trading lower as traders weighed the impact of the American jobs report and the path for US monetary policy tightening.
South Korean won was down 0.68%, Japanese yen 0.34%, Taiwan dollar 0.2%, Singapore dollar 0.17%, China offshore 0.16%, Thai baht 0.16%, China renminbi 0.11% and Malaysian ringgit 0.09%. However, Philippines peso was up 0.4%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.30, up 0.12% from its previous close of 101.18.