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Rupee weakens marginally against US dollar ahead of IIP, CPI data

LiveMint logoLiveMint 12-06-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee weakened marginally against the US dollar ahead of the key macro economic data due later on Monday.

The rupee opened at 64.35 a dollar. At 9.15am, the rupee was trading at 64.39, down 0.20% from its Friday’s close of 64.25.

The 10-year bond yield was trading at 6.511% compared to its previous close of 6.503%. Bond yields and prices move in opposite directions.

The government will issue Index of Industrial Production (IIP) and Consumer Price Index (CPI) inflation data for April and May, respectively, after 5.30pm.

According to Bloomberg estimates, CPI will be at 2.5% for May from 2.99% a month ago while IIP will be at 2.8% for April from 2.7% in March.

The benchmark Sensex index fell 0.13% or 41.34 points to 31,220.72. Year-to-date, it has gained 17%.

So far this year, the rupee has gained 5.71%, while foreign investors bought $7.68 billion and $12.34 billion in local equity and debt markets, respectively.

Asian currencies were trading little changed ahead of multiple central bank policy decisions this week. The Federal Reserve is scheduled to announce its policy decision Wednesday, followed by the Bank of England and the Swiss National Bank on Thursday, as the Bank of Japan rounds up the week Friday.

Asian currencies were trading mixed. Japanese yen was up 0.06%, Singapore dollar 0.05%, China renminbi 0.02% and Indonesian rupiah 0.02%. However, South Korean won was down 0.16%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.167, down 0.11% from its previous close of 97.274.

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