BackRupee closes weaker against US dollar tracking Asian peers
Rupee closed at 67.42 per US dollar, down 0.09% against its previous close
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Mumbai: The Indian rupee on Friday weakened against the US dollar, tracking losses in its Asian peers. Traders are also cautious ahead of key macro economic data due later on Friday and next week.
Rupee closed at 67.42 per US dollar, down 0.09% from its previous close of 67.36. The home currency opened at 67.52 against the US dollar. So far this year, it has fallen 1.87%.
Asia’s emerging currencies weakened ahead of a widely expected US Federal Reserve hike next week. South Korean won was down 0.6%, Japanese yen 0.52%, Taiwan dollar 0.39%, China offshore 0.29%, Indonesian rupiah 0.24%, China renminbi 0.18%, Philippines peso 0.15%, and Singapore dollar 0.03%.
The government will issue the Index of Industrial Production (IIP) data on Friday after 5.30pm. According to Bloomberg estimates, IIP will be 1% for October from 0.7% in September.
The government will issue inflation data based on Consumer Price Index (CPI) and Wholesale Price Index (WPI) on 13 and 14 December, respectively. According to Bloomberg estimates, CPI will be 3.86% in November compared to 4.2% in October, while WPI will be at 3.08% in November from 3.39% a month ago.
India’s benchmark Sensex index closed at 26,747.18 points, up 0.20% or 52.90 points from its previous close. So far this year, it has risen 2.41%. The benchmark 10-year government bond yield closed at 6.441%, compared to Thursday’s close of 6.399%. Bond yields and prices move in opposite directions.
So far this year, foreign institutional investors have bought $4.12 billion in equities and sold $5.94 billion in debt. The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.21, up 0.11% from its previous close of 101.1.
On Thursday, the European Central Bank announced that it will continue asset purchases after the previous end-date of March 2017, but at €60 billion a month instead of the current €80 billion
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