Indian rupee closes lower against dollar

Indian rupee closes at Rs68.165 a dollar, down 0.037% from its previous close of 68.14


Indian rupee opened at 68.13 against the US dollar and touched a low of 68.27—a level last seen on 1 March. Photo: AFP
Indian rupee opened at 68.13 against the US dollar and touched a low of 68.27—a level last seen on 1 March. Photo: AFP

Mumbai: The Indian rupee closed at Rs69.165 against the US dollar on Monday.

At 2pm, the rupee was trading at 68.16 a dollar, down 0.02% from its previous close of 68.14. The home currency opened at 68.13 against the US dollar and touched a low of 68.27—a level last seen on 1 March. So far this year, it fell 3%.

Between 9 and 17 September, foreign institutional investors (FIIs) sold $1.39 billion in equity and from 11 to 17 September, FIIs sold $1.80 billion in debt. FIIs have sold $2.07 billion in debt and bought $5.43 billion in equity till date this year.

India’s benchmark Sensex index was trading at 25,765.60 points, down 1.5% or 384.64 points from its previous close. So far this year, it has lost 1.5%.

The benchmark 10-year government bond yield was trading at 6.344%—a level last seen on 21 May 2009, compared to Friday’s close of 6.429%. Bond yields and prices move in opposite directions.

Asian currencies are at multi-month lows as Trump puts together an administration that supports plans for more fiscal stimulus. Deutsche and HSBC say more weakness is likely in Asian rates.

South Korean won was down 0.31%, Philippines peso 0.27%, China renminbi 0.14%, China Offshore 0.08%, Indonesian rupiah 0.05%. However, Taiwan dollar was up 0.26%, Thai Baht 0.15%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.98, down 0.23% from its previous close of 101.21.

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