NEW DELHI : The Indian rupee on Tuesday fell past the 71-mark to hit a near six-month low against the US dollar, tracking losses in its Asian peers as fear of an Argentina credit default and political turmoil in Hong Kong weighed on risk appetite.

At 9.10am, the rupee was at 71.15 a dollar, down 0.55% from its Friday's close of 70.79. The domestic currency had opened at 71.16 and has so far touched a high of 71.13 and a low of 71.18 per dollar -- a level last seen on 28 February. So far this year, the unit has declined 2%.

Traders also exercised caution amid rising geopolitical tensions in the Indian subcontinent over the events in Jammu & Kashmir.

Also, the market awaits consumer price index-based inflation (CPI) data, due after 5.30pm. CPI probably quickened to 3.09% year on year last month from 3.18% in June, according to a Bloomberg survey of economists

The 10-year government bond yield was at 6.505% compared with its previous close of 6.498%. On Monday, markets were shut for a local holiday.

In pre-trade, the benchmark equity index Sensex rose 0.86% to 37,906.07 points. So far this year it has risen 5.5%.

Year to date, foreign investors have bought nearly $8.02 billion in equity and $2.81 billion in debt.

Other Asian currencies also traded lower. Indonesian rupiah was down 0.26%, Malaysian ringgit 0.24%, South Korean won 0.23%, Japanese yen 0.16%, Taiwan dollar 0.12%, China Renminbi 0.1%, Singapore dollar 0.07%. However, Thai Baht was up 0.22%, Philippines peso 0.1%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.57, up 0.19% from its previous close of 97.38.

(Bloomberg contributed this story)

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