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Rupee weakens against US dollar in early trade

LiveMint logoLiveMint 09-08-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Wednesday weakened against the US dollar, tracking losses in the Asian currencies market after the US and North Korea exchanged threats amid escalating tensions between the two nations.

The rupee opened at 63.78 a dollar. At 9.15am, the rupee was trading at 63.76 a dollar, down 0.20% from its Tuesday’s close of 63.81.

Asian currencies were trading lower after US President Donald Trump said North Korea will be “met with fire and fury” if Kim Jong Un’s regime keeps making threats. Traders are focusing on US inflation data due Friday given its potential impact on Federal Reserve’s monetary policy.

South Korean won was down 0.87%, Philippines peso 0.26%, Taiwan dollar 0.14%, Indonesian rupiah 0.11% and Malaysian ringgit 0.07%. However, Japanese yen was up 0.4%, China renminbi 0.28% and China offshore 0.08%.

The benchmark Sensex index fell 0.09% or 28.96 points to 31,985.23. So far this year, it has risen over 20%.

The 10-year bond yield was at 6.458%, compared to its previous close of 6.459%. Bond yields and prices move in opposite directions.

So far this year, the rupee gained 6.5%, while foreign institutional investors (FIIs) bought $8.69 billion and $18.68 billion in equity and debt markets, respectively.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.666, up 0.02% from its previous close of 93.647.

Bloomberg contributed to the story.

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