Rupee weakens against US dollar in morning trade

By Rob 0

Mumbai: The Indian rupee on Thursday weakened against the US dollar after foreign investors continued to sell in local equity markets.

The rupee opened at 64.66 a dollar. At 9.12am, the home currency was trading at 64.70, down 0.18% from its Wednesday’s close of 64.58. Year to date, it gained 5.2%.

Foreign institutional investors (FIIs) were net sellers for the seventh consecutive session and sold nearly $ 494.35 million in the local equity markets in this period. So far this year, they have bought $ 6.44 billion and $ 7.03 billion from local equity and debt markets, respectively.

The benchmark Sensex index rose 0.20% or 59.44 points to 29,396.01. So far this year, it has risen 10.2%.

The 10-year bond yield was trading at 6.854% compared to its previous close of 6.856%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. Indonesian rupiah was down 0.15%, Philippines peso 0.11%, South Korean won 0.1%, Japanese yen 0.09% and Taiwan dollar 0.04%. However, Thai baht was up 0.1% and Malaysian ringgit 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.792, up 0.05% from its previous close of 99.74.

First Published: Thu, Apr 20 2017. 09 14 AM IST