Home / Market / Stock-market-news /  Rupee closes marginally weaker against US dollar

Mumbai: The Indian rupee on Friday closed marginally weaker against the US dollar ahead of the key macro economic data. Traders are also cautious ahead of a meeting between US President Donald Trump and Japanese Prime Minister Shinzo Abe.

The home currency closed at 66.88, down 0.05% from its previous close of 66.85. The local currency opened at 66.83 a dollar and touched a high and a low of 66.77 and 66.99 respectively..

The government will issue index of industrial production (IIP) data for December on Friday while consumer price inflation data for January on Monday. The Wholesale price inflation data will be out on 14 February for January

According to Bloomberg analyst poll, IIP will be at 1.4% in December from 5.7% a month ago. CPI expected to come at 3.24% in January month from 3.41% a month ago. Analyst estimates, WPI will be at 4.34% from 3.39% a month ago.

India’s 10-year bond yield closed at 6.805%, from its Thursday’s close of 6.857%. Bond yields and prices move in opposite directions.

India’s benchmark Sensex index rose 0.02% or 4.55 points to closed at 28,334.25. So far this year, Sensex has risen 6.5%.

Since the beginning of this year, the rupee has gained 1.55%, while foreign institutional investors have bought $147.30 million and $130.20 million from local equity and debt markets respectively.

Asian currencies were trading lower after US President Trump said a “phenomenal" plan to overhaul business taxes may be released over the next two to three weeks.

Japanese yen was down 0.42%, South Korean won 0.42%, China renminbi 0.18%, Singapore dollar 0.17%, Malaysian ringgit 0.14%, Indonesian rupiah 0.11%, China offshore 0.1%, Taiwan dollar 0.07%, Philippines peso 0.06%, Thai baht 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.81, up 0.16% from its previous close of 100.65.

Federal Reserve Bank of St. Louis President James Bullard said the central bank ought not rush to raising interest rates next month because uncertainty over the Trump administration’s fiscal policies clouds the US economic outlook.

The policy-making Federal Open Market Committee (FOMC) next meets 14 to 15 March in Washington, Bloomberg reported


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