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

Rupee weakens against US dollar on mixed Asian cues

LiveMint logoLiveMint 07-08-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee weakened against the US dollar, tracking mixed Asian currencies market.

The rupee opened at 63.73 a dollar. At 9.15am, the rupee was trading at 63.70 a dollar, down 0.20% from its Friday’s close of 63.58.

Mark Mobius, executive chairman of Templeton Emerging Markets Group at Franklin Templeton Investments, said in an interview with Mint that he believes the rupee will continue its strong show against the dollar this year on the back of economic growth in India, and strong and rising forex reserves, and expects that it will touch 60 a dollar by the end of this year.

The benchmark Sensex index rose 0.11% or 34.52 points to 32,359.93. So far this year, it has risen over 21%.

The 10-year bond yield was at 6.453%, compared to its previous close of 6.441%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 6.64%, while foreign institutional investors (FIIs) bought $8.85 billion and $18.25 billion in equity and debt markets, respectively.

Asian currencies were trading mixed. South Korean won was down 0.26%, Philippines peso 0.16%, Taiwan dollar 0.09% and Malaysian ringgit 0.07%. However, China offshore spot was up 0.1%, China renminbi 0.09% and Singapore dollar 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.364, down 0.19% from its previous close of 93.54.

Non-farm payrolls increased by 209,000 last month, exceeding forecasts of 183,000, Labor Department data showed Friday. The number of employed Americans reached 153.5 million for the month, which was the highest on record.

More From LiveMint

image beaconimage beaconimage beacon