Rupee weakens against US dollar1 min read . Updated: 28 Nov 2019, 06:35 PM IST
- Rupee closes at 71.60 a dollar, down 0.34% from Wednesday's close of 71.36
- Traders eye key GDP data for September quarter, due on Friday
MUMBAI : The Indian rupee weakened against the US dollar on Thursday snapping a two-day gain as sentiment toward risk assets weakens, with the currency also weighed down by dollar demand from oil companies.
Rupee closed at 71.60 a dollar, down 0.34% from Wednesday's close of 71.36. The Indian unit had opened 71.32 a dollar.
Traders eye key gross domestic product data for September quarter, due on Friday. According to a median of 41 estimates polled by Bloomberg, GDP growth is likely to have slowed to 4.6% in the September quarter, the least since the first three months of 2013.
The yield on the 10-year Indian government bond was at 6.458% compared with its previous close of 6.473%.
In the year so far, the rupee has weakened 2.58%, while foreign investors have bought nearly $13.4 billion in Indian equities and $4.41 billion in debt.
BSE benchmark index Sensex rose 0.27% or 109.56 points, to close at 41130.17 points. Year to date, it has gained 14.03%.
Asian currencies were trading mixed. China Offshore fell 0.18%, South Korean won was down 0.15%, Malaysian ringgit lost 0.05%, China Renminbi fell 0.05%, Singapore dollar was lower 0.04% and Hong Kong Dollar fell 0.001%. However, Philippines Peso rose 0.14%, Japanese yen was up 0.06%, Taiwan Dollar gained 0.05%, Indonesian Rupiah was higher 0.02% and Thai Baht was up 0.02%..
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.37, same as previous close of 98.37.
(Bloomberg contributed this story.)