Rupee opens lower for fourth sessions1 min read . Updated: 09 May 2019, 09:29 AM IST
- So far this year, the rupee is up 0.1%
- The 10-year bond yield was at 7.381% compared with Tuesday's close of 7.375%
MUMBAI: The Indian rupee on Thursday was weak for the fourth session against the US dollar, tracking losses in other Asian currencies, after US President Donald Trump at a campaign rally said China “broke the deal", referring to the ongoing trade talks between Washington and Beijing. Trump attributed his recent threat of raising tariffs on Chinese goods to Beijing moving slowly on trade negotiations.
At 9.15am, the rupee traded at 69.87 a dollar, down 0.22% from its previous close of 69.71. The Indian currency opened at 69.92 a dollar.
A Chinese delegation headed by Vice Premier Liu He is scheduled to arrive in Washington on Thursday for trade talks with U.S. officials. The U.S. had earlier said it will raise tariffs on $200 billion of Chinese goods to 25% from 10% on Friday.
Back home, the 10-year bond yield was at 7.381% compared with Tuesday's close of 7.375%.
The benchmark Sensex index rose 0.02% to 37798.16 points. Year to date, the index has risen 4.77%.
So far this year, the rupee is has gained 0.1%. During the period, foreign investors bought $10.28 billion in equity and sold $962 million in debt market.
Other Asian currencies also traded lower. South Korean won was down 0.57%, China renminbi eased 0.37%, Indonesian rupiah was 0.35% lower, The Philippines peso was weak by 0.32%, China Offshore fell 0.32%, Thai Baht was down 0.13%, Singapore dollar fell 0.08%, Malaysian ringgit eased 0.08%. The Japanese yen, however, bucked the trend and was up 0.16%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.612, down 0.01% from its previous close of 97.623.
(Bloomberg contributed this story)