Rupee weakens against US dollar1 min read . Updated: 08 Apr 2019, 09:54 AM IST
- Oil prices extended its rally to a five-month high as conflict in Libya increased the risk of new supply outages
- Most Asian currencies were lower against US dollar
Indian rupee today weakened marginally against US dollar, tracking losses in other Asian currencies as traders awaited further details on a possible US-China trade deal. Higher crude oil prices also dampened sentiment. At 9.15 am, the rupee was trading at 69.46 a dollar, down 0.34% from its previous close of 69.23. The home currency opened at 69.34 a dollar.
Oil extended its rally to a five-month high as conflict in Libya increased the risk of new supply outages.
So far this year, the rupee has gained 0.44% against the US dollar, while foreign investors have bought $8.36 billion in equity and $504.5 million in debt market.
The 10-year bond yield was trading at 7.378%, higher than its Friday's close of 7.354%. Bond yields and prices move in opposite directions.
India's benchmark stock market index Sensex rose 0.22% to 38946.65 points in early trade. Year to date, it is up 7.75%.
Most Asian currencies were trading lower today. South Korean won was down 0.4%, China renminbi 0.23%, China Offshore 0.15%, Malaysian ringgit 0.12%, Indonesian rupiah 0.11%, Taiwan dollar 0.06%. However, Japanese yen was up 0.32%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.26, down 0.14% from its previous close of 97.395.
(Bloomberg contributed this story)