| Date: |
08-11-2013 |
| Subject: |
Rupee opens lower on dollar demand |
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Mumbai: The Indian rupee on Friday opened lower at 62.6050 per dollar against its Thursday’s close of 62.4150.
The Reserve Bank of India (RBI) has cut about 30% of its direct dollar supply to oil marketing companies and, hence, the dollar demand is flowing into the market, thereby weakening the rupee. The daily requirement of the greenback is about $250 million for these oil companies.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.881, up 0.05% from its previous close of 80.845.
The yield on India’s 10-year benchmark bond was trading at 8.868% compared with its Thursday’s close of 8.851%.
At 9.13am, the Indian currency was trading at 62.6313 per dollar, down 0.35%. India’s equity benchmark Sensex was trading at 20,785.20 points, down 0.18%.
Source : livemint.com
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