Mumbai: The Indian rupee weakened against the US dollar on Thursday, tracking losses in other Asian currencies.
Having opened at 71.55 to a dollar, the Indian currency, at 02:13 pm, traded at a 71.89 to a dollar, down 0.46%, from its previous close of 71.55. During the day, the currency touched a high of 71.55 and a low of 71.91.
The yield on the 10-year government bond was at 6.560%, against Wednesday’s close of 6.567%. Yields have risen this month amid concerns over likely extra borrowing by the government to fund any possible fiscal stimulus.
The Sensex lost 1.07%, or 394.86 points, to 36,665.51 in afternoon trade. Since January, the index has advanced 1.89%.
So far this year, the rupee has lost 2.94%. Foreign investors have bought $8.21 billion and $3.39 billion in Indian equity and debt markets, respectively.
Most Asian currencies traded lower on Thursday. The South Korean won lost 0.408%, China offshore was down 0.371%, China renminbi fell 0.343%, Singapore dollar lost 0.173%, Malaysian ringgit was down 0.139%, Philippines peso declined 0.128% and the Taiwan dollar lost 0.032%. However, Japanese yen was up 0.207%, Indonesian rupiah climbed 0.035%, Thai baht rose 0.023% and Hong Kong dollar was a tad higher.
The dollar index, which measures the US currency’s strength against major currencies, was at 98.168, down 0.13%, from its previous close of 98.295.