You are using an older browser version. Please use a supported version for the best MSN experience.

Money Top Stories

Rupee just 10 paise away from 73-mark

Livemint logo Livemint 12-09-2018 Ravindra N. Sonavane

Mumbai: The Indian rupee opened at a fresh record low and was trading just 10 paise away from hitting the 73-mark against the US dollar following advances in international crude oil prices and tracking losses in emerging currencies market. At 9.15am, the rupee was trading at 72.89 a dollar, down 0.25% from its Tuesday’s close of 72.70. The home currency opened at 72.75 per dollar and touched a low of 72.90.

Rupee just 10 paise away from 73-mark: So far this year, the rupee has weakened 12.3%, while foreign investors have sold $538.20 million and $6.38 billion in equity and debt markets, respectively. Photo: Mint © LiveMint So far this year, the rupee has weakened 12.3%, while foreign investors have sold $538.20 million and $6.38 billion in equity and debt markets, respectively. Photo: Mint

The 10-year bond yield stood at 8.221%, from its previous close of 8.181%. Bond yields and prices move in opposite directions.

In Pics: Interesting facts about Indian rupee

“It thus appears that the global factors have had a more important role to play for the depreciation of the rupee rather than the domestic factors like widening current account deficit, foreign investment outflows, rising inflation due to elevated crude oil prices”, said Care Ratings in a note to its investors.

“The benchmark GSec yields have been increasing on account of expectations of RBI turning more hawkish following the fall in the rupee besides rising inflation”, Care ratings added..

Moreover, traders are cautious ahead of key retail inflation and index of industrial production data due to be released after 5.30pm today. According to Bloomberg estimates, IIP will be at 6.5% for July from 7% a month ago. Retail inflation may come at 3.78% in August from 4.17% in July.

Also watch: Rupee dives to new lifetime low

Replay Video

(Video provided by NDTV)

So far this year, the rupee has weakened 12.3%, while foreign investors have sold $538.20 million and $6.38 billion in equity and debt markets, respectively.

Benchmark Sensex Index rose 0.35% or 131.36 points to 37,544.49. Since January, it has gained 9.86%.

Asian currencies were trading lower. South Korean won was down 0.21%, Thai baht 0.15%, China offshore 0.14%, Singapore dollar 0.12%, Malaysian ringgit 0.08%. However, Japanese yen was up 0.14% and Indonesian rupiah 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.154, down 0.1% from its previous close of 95.249.

Download the Microsoft News app for your Android or iPhone device and get news & live updates on the go. Follow our Finance section in English and Hindi.

More from Live Mint

image beaconimage beaconimage beacon