Rupee opens marginally lower

  • At 9.15am, the rupee was trading at 70.97 a dollar, down 0.07% from its previous close of 70.91
  • So far this year, the rupee has declined 1.02%

Indian rupee on Wednesday weakened marginally tracking losses in its Asian peers on the back of dollar strength.

At 9.15am, the rupee was trading at 70.97 a dollar, down 0.07% from its previous close of 70.91. The home currency opened at 70.95 a dollar.

Dollar gained for the sixth session as the market awaits developments in US-China trade talks after the failure of Kim-Trump summit.

The 10-year bond yield was trading at 7.376% from its Tuesday's close of 7.377%. Bond yields and prices move in opposite directions.

So far this year, the rupee has declined 1.02%, while foreign investors have bought $2.88 billion in equity and sold $1.59 billion in debt market.

India's benchmark index Sensex rose 0.37% to 36,576.68 points. Year to date, it rose 1.2%.

Asian currencies were trading lower. South Korean won was down 0.35%, Malaysian ringgit 0.28%, Thai Baht 0.25%, China Offshore 0.21%, Singapore dollar 0.15%, Indonesian rupiah 0.11%, China renminbi 0.09%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.93, up 0.07% from its previous close of 96.866.

(Bloomberg contributed this story)

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