Indian rupee down against greenback in line with Asian peers1 min read . Updated: 23 Oct 2019, 09:21 AM IST
- Traders were cautious amid fresh cues on potential trade deal between US and China
- The Indian rupee opened at 70.99 against the US dollar
Mumbai: The Indian rupee on Wednesday opened marginally lower against the US dollar tracking a fall in Asian currencies. Emerging market currencies were subdued after UK Prime Minister Boris Johnson lost a key vote in the parliament. According to reports, the British parliament voted in favour of Johnson's Brexit plan, but then rejected his timeline to fast-track legislation to take Britain out of the European Union. That effectively means UK would not be able to finalise its exit by Johnson’s 31 October deadline.
At 9.10 am, the rupee traded at 71.00 a dollar, down from Tuesday's close of 70.94. The Indian unit had opened at 70.99 a dollar.
Traders also exercised caution as they await fresh cues on potential trade deal between the US and China.
The yield on the 10-year Indian government bond was at 6.532% compared with its previous close of 6.543%.
In the year so far, the rupee has weakened 1.65%, while foreign investors have bought nearly $8.61 billion in Indian equities and $4.08 billion in debt during the period.
Asian currencies were also lower. The South Korean won was down 0.52%, Malaysian ringgit 0.14%, Indonesian rupiah 0.14%, Singapore dollar 0.12%, Philippines peso 0.12%, China Renminbi 0.11%. However, the Japanese yen was up 0.16%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.591, up 0.06% from its previous close of 97.526.
(Bloomberg contributed this story)