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Business News/ Market / Stock-market-news/  Rupee weakens past 68 mark against US dollar, bond yield falls 5 bps
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Rupee weakens past 68 mark against US dollar, bond yield falls 5 bps

The 10-year government bond yield drops 5 basis points, its steepest decline since 28 May, after crude oil prices decline, while the rupee falls past 68 mark against the US dollar

The 10-year bond yield stood at 7.893%, from its Thursday’s close of 7.945%. Photo: AFPPremium
The 10-year bond yield stood at 7.893%, from its Thursday’s close of 7.945%. Photo: AFP

Mumbai: The 10-year government bond yield on Friday dropped 5 basis points, its steepest decline since 28 May, after international crude oil prices fell. The Indian rupee weakened past 68 mark against the US dollar after trade deficit widened.

The 10-year bond yield ended at 7.893%, from its Thursday’s close of 7.945%. Bond yields and prices move in opposite directions.

Oil headed for a second weekly decline in London as members of the Organization of Petroleum Exporting Countries were set to clash on raising production at a meeting next week.

Brent crude slipped on Friday, on course for a 1.5% drop this week.

Saudi oil minister Khalid Al-Falih said it’s “inevitable" the group will decide to boost output gradually when it meets on 22 June, though Iran, Iraq and Venezuela oppose an increase.

Bond prices were trading weaker since last few sessions due to lower US treasury yield and also after central government’s decision to skip debt sales this week eased supply pressure.

Meanwhile, the rupee weakened 0.57% to 68.02 a dollar after trade deficit widened more than forecast. Trade deficit for May was at $14.62 billion against $13.85 billion a year ago. That gap was wider than a median $14.30 billion deficit projected in a Bloomberg survey.

So far this year, the rupee has weakened 6%, while foreign investors have sold $178.50 million and $5.10 billion in equity and debt markets, respectively.

Benchmark Sensex Index rose 0.06% or 22.32 points to 35,622.14. Since January, it has gained 4.1%.

Bloomberg contributed to this story

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Published: 15 Jun 2018, 10:01 AM IST
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