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

Rupee weakens against US dollar in early trade

LiveMint logoLiveMint 30-05-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday weakened against the US dollar tracking losses in the Asian currencies markets.

The rupee opened at 64.64 a dollar. At 9.15am, the rupee was trading at 64.66, down 0.22% from its Monday’s close of 64.50. The benchmark Sensex index rose 0.08% or 25.70 points to 31,134.98. So far this year, it has gained 16.8%.

The government will issue gross domestic data for first quarter on Wednesday after 5.30pm. According to Bloomberg analyst poll, GDP will be at 7.1% from 7% a quarter ago. The world bank on Monday has projected economic activity to accelerate to 7.2% in 2017-18 against the government’s estimate of 7.1%.

The world bank said that India’s economy is expected to accelerate starting financial year 2017-18 after a setback in 2016-17 due to demonetisation of high value currencies. The bank said though India’s potential growth rate currently is estimated at 7.4-7.5%, it will accelerate to 7.7% by 2019-20 with a gradual revival in private investment.

So far this year, the rupee has gained 5.32%, while foreign investors bought $7.87 billion and $10.27 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.668% compared to its previous close of 6.67%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. Malaysian ringgit was down 0.24%, South Korean won 0.19%, Philippines peso 0.16%, Indonesian rupiah 0.11%, China Offshore 0.11%, Thai Baht 0.07%. However, Japanese yen was up 0.37% and China Renminbi 0.19%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.664, up 0.23% from its previous close of 97.442.

More From LiveMint

image beaconimage beaconimage beacon