Year to date, the rupee has strengthened 0.15% (Reuters)
Year to date, the rupee has strengthened 0.15% (Reuters)

Rupee hits two-week low on risk aversion

  • Year to date, the rupee has strengthened 0.06%, while foreign investors have bought nearly $2.15 billion in Indian equities and sold $1.56 billion in debt
  • The Indian unit had opened at 71.32 and touched a low of 71.35 -- a level last seen on 9 January

The Indian rupee on Friday hit a two-week low against the US dollar tracking fall in global equities as concerns over spread of the coronavirus in China and beyond weighed on risk sentiment.

Rupee closed at 71.33 a dollar, down 0.08% from Thursday's close of 71.27. The Indian unit had opened at 71.32 and touched a low of 71.35 -- a level last seen on 9 January.

Year to date, the rupee has strengthened 0.06%, while foreign investors have bought nearly $2.15 billion in Indian equities and sold $1.56 billion in debt.

Benchmark equity index, Sensex rose 0.55% or 226.79 points to close at 41613.19 points. Year to date, the index has gained 0.87%. The yield on the 10-year government bond was at 6.639% compared with its previous close of 6.637%.

Asian currencies closed mixed. China Renminbi gained 0.46%, Indonesian rupiah 0.41% and Philippines peso 0.37%. However, Thai baht fell 0.26%, Japanese yen 0.09% and China offshore 0.014%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.875, up 0.19% from its previous close of 97.693.

(Bloomberg contributed this story)

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