| Date: |
11-02-2015 |
| Subject: |
Rupee trades lower at 62.28 per dollar |
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Mumbai: The Indian rupee on Wednesday weakened against the dollar, tracking loss in the Asian currencies markets. The high volatile local equity markets also dampened down the sentiments.
The local unit opened at 62.27 per dollar and touched a low of 62.30—a last level seen on 9 January. At 9.10am, the home currency was trading at 62.28, down 0.14% from previous close of 62.20.
Major Asian currencies were trading lower against the dollar. The South Korean won was down 0.67%, Malaysian ringgit 0.36%, Indonesian rupiah 0.16%, Singapore dollar 0.1%, Japanese yen 0.08%. However, China offshore was up 0.16%.
Since 29 January, the Sensex fell over 1,200 points. The benchmark Sensex Index rose 0.28% or 79.43 points to 2,8435.05, according to BSE website.
The yield on India’s 10-year benchmark bond was trading at 7.726% compared with its Tuesday’s close of 7.73%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has gained 1.21%, while foreign institutional investors have bought $2.68 billion from local equity and $4.45 billion from bond markets.
The dollar index, which measures the US currency’s strength against major currencies, trading at 94.687, down 0.07% from the previous close of 94.758.
Dealers were cautious ahead of the Index of Industrial Production (IIP) and Consumer Price Index (CPI) data due on 12 February. The government will issue CPI and IIP data on 12 February after 5.30pm. A Bloomberg poll expects CPI inflation will be 5.5% for January compared with 5% in December while factory output will grow by 1.8% in December as compared to 3.8% in November.
Source : livemint.com
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