Indian rupee weakened against the US dollar on Monday tracking losses in local equity market.
At 2 pm, the domestic currency was trading at 71.39 a dollar, down 0.05% from Friday's close of 71.36. The Indian unit opened at 71.34 a dollar.
In the year so far, the rupee has weakened 2.27%. Foreign investors have bought nearly $14.37 billion in Indian equities and $3.69 billion in debt.
The 10-year government bond yield was at 6.507% from its previous close of 6.506%. Benchmark equity index Sensex was down 0.22% or 90.99 at 41,484.15.
Asian currencies were trading higher. Malaysian ringgit gained 0.44%, South Korean won 0.44%, Thai Baht fell 0.33%, Japanese Yen 0.24%, Singapore Dollar 0.23%, Indonesian Rupiah 0.19%, Taiwan Dollar 0.18%, China Offshore 0.16%, China renminbi 0.11% and Hong Kong dollar 0.014%. However, Philippines peso lost 0.06%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 96.786, down 0.14% from its previous close of 96.919.
(Bloomberg contributed to the story)