Home / Market / Stock-market-news /  Rupee closes at one-month low against US dollar

Mumbai: The Indian rupee on Wednesday closed one month low against the US dollar on consistent selling by foreign institutional investors in the local equity and debt markets. This was the second consecutive sessions when the rupee fell.

The rupee closed at 68.24 per US dollar—a level last seen on 1 December, down 0.27% from its previous close of 68.06. The home currency opened at 68.05 against the US dollar and touched a low of 68.25—a level last seen on 5 December. So far this year, it has fallen 3%.

Since 8 November, the foreign institutional investors have sold a combined of $10 billion in domestic equity and debt markets. So far this year, foreign institutional investors have bought $3.18 billion in equities and sold $6.73 billion in debt.

Fall in the Asian currencies also dampened the local currency. Japanese yen was down 0.24%, South Korean won 0.21%, China Offshore 0.13%, Singapore dollar 0.11%, Indonesian rupiah 0.11%, Malaysian ringgit 0.1%, China renminbi 0.1%, Taiwan dollar 0.08%, Philippines peso 0.07%.

India’s benchmark Sensex index closed at 26,210.68 points, down 0.01% or 2.76 points from its previous close. So far this year, it has risen 0.4%.

The 10-year bond yield closed at 6.584%, compared to Tuesday’s close of 6.615%. Bond yields and prices move in opposite directions.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 103.25—up 0.22% from its previous close of 103.02.

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