The Indian rupee on Thursday hit a near three-week low against the US dollar tracking losses in other Asian currencies amid reports that the signing of the trade deal between the US and China may be delayed till December.

In early deals today, the rupee traded at 71.11 a dollar, down from Wednesday's close of 70.99. The Indian unit had opened at 71.09 a dollar and touched a low of 71.12 — a level last seen on 18 October.

According to a Reuters report, a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed till December as discussions continue over terms and venue.

Indian bond yields fell tracking the fall in global crude oil prices and US treasuries. The yield on the 10-year Indian government bond was at 6.474% compared with its previous close of 6.492%.

In the year so far, the rupee has weakened 1.86%, while foreign investors have bought nearly $10.55 billion in Indian equities and $5.10 billion in debt.

In pre-opening trade, the benchmark Sensex Index was up 0.2% at 40550.75 points. Year to date, it has gained 12.2%.

Other Asian currencies also traded lower. China Renminbi was down 0.26%, South Korean won 0.25%, Malaysian ringgit 0.18%, Indonesian rupiah 0.14%, Thai Baht 0.12%, Singapore dollar 0.07%, China Offshore 0.06%. However, Japanese yen was up 0.27%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.988, up 0.04% from its previous close of 97.952.

Bloomberg contributed to this story

My Reads Logout