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Rupee hits 1-week low against US dollar in opening trade

LiveMint logoLiveMint 14-09-2017 Ravindra N. Sonavane

Mumbai: The rupee on Thursday was trading at a one-week low against the US dollar, tracking losses in the Asian currencies markets.

The rupee opened at 64.17 a dollar and touched a low of 64.18, a level last seen on 7 September. At 9.15am, the rupee was trading at 64.14 a dollar, down 0.22% from its Wednesday’s close of 63.99.

Fall in the home currency was also due to continued selling by the foreign institutional investors (FIIs) in the local equity markets. Since 1 September, FIIs have sold nearly $800 million in equities.

The government will issue wholesale price inflation (WPI) after 12.30pm for the month of August. According to Bloomberg analysts’ estimates, WPI will be at 3.2% in August compared to 1.88% in July.

The 10-year bond yield was at 6.595% compared to its previous close of 6.586%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.59% or 188.05 points to 32,070.21. So far this year, it has risen over 19%.

So far this year, the rupee has gained 5.9%, while FIIs have bought $6.35 billion and $20.35 billion in equity and debt, respectively.

Asian currencies were trading lower ahead of key data on China’s economy and US inflation that will offer a guide for global economic growth and central bank actions. US consumer price data and China’s August industrial production data is due on Thursday.

South Korean won was down 0.4%, Philippines peso 0.31%, Indonesian rupiah 0.29%, Malaysian ringgit 0.18%, Taiwan dollar 0.16%, China renminbi 0.11% and China offshore 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.463, down 0.07% from its previous close of 92.52.

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