Rupee weakens marginally against US dollar

By Selene 0

Mumbai: The Indian rupee on Friday weakened marginally against the US dollar, tracking losses in its Asian peers.

The rupee opened at 65.46 a dollar. At 9.15am, the home currency was trading at 65.53, down 0.18% from its previous close of 65.41.

The benchmark Sensex index rose 0.43% or 128.18 points to 29,714.03. So far this year, it has risen 11.5%.

On Thursday, the goods and services tax (GST) council gave its nod to the two remaining pieces of supporting legislation for implementing the landmark tax reform, paving the way for their introduction in Parliament and state legislatures.

The 10-year bond yield was trading at 6.845%, compared to its Thursday’s close of 6.841%. Bond yields and prices move in opposite directions.

The rupee is the third best-performing Asian currencies this year after South Korean won and Taiwanese dollar, rising 4% since January.

So far this year, foreign institutional investors have bought $ 3.76 billion and $ 655.60 million from local equity and debt markets, respectively.

Asian currencies were trading lower. Singapore dollar was down 0.14%, Thai baht 0.14%, Japanese yen 0.12%, China offshore 0.12%, Malaysian ringgit 0.08% and China renminbi 0.06%. However, Taiwan dollar was up 0.19% and South Korean won 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.25, down 0.11% from its Monday’s close of 100.36.

First Published: Fri, Mar 17 2017. 09 21 AM IST

Source: Livemint.com