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Rupee opens lower at 63.46 per dollar |
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Mumbai: The Indian rupee on Monday weakened against the dollar tracking the losses in Asian currencies markets.
The local currency opened at 63.46 per dollar. At 9.06am, the rupee was trading at 63.44 a dollar, down 0.23% from its previous close of 63.30.
India’s benchmark equity index, Sensex, was trading at 28,054.91 points, up 0.6%.
Most of the Asian currencies were trading lower against the dollar. The Indonesian rupiah was down 0.91%, South Korean won 0.72%, Taiwan dollar 0.70%, Malaysian ringgit 0.68%, Philippines peso 0.4%, Singapore dollar 0.34%, Thai Baht 0.25%, China renminbi 0.20%.
The yield on India’s 10-year benchmark bond stood at 7.852% compared with its Friday’s close of 7.876%. Bond yields and prices move in opposite directions.
In 2014, the rupee has weakened 2% against the dollar, while foreign institutional investors have bought $16.12 billion from local equity markets and $26.36 billion from the debt market.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.426, up 0.38% from its previous close of 91.08.
On Monday, the HSBC service and composite PMI data, compiled by Markit, will out at 10.30am for the month of December. The service and composite PMI were at 52.6 and 53.6, respectively, in November.
Most of the banks has given the call for one-day strike on 7 January and four days from 21 January in support of their wage hike demand pending since November 2012.
Source : livemint.com
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