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Rupee weakens marginally against US dollar in opening trade

LiveMint logoLiveMint 21-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday weakened marginally against the US dollar in opening trade.

The rupee opened at 64.65 a dollar. At 9.15am, the home currency was trading at 64.64, down 0.11% from its Thursday’s close of 64.56. Year-to-date, it gained 5.2%.

Foreign institutional investors (FIIs) were net sellers for the eight consecutive session and sold nearly $581.86 million in the local equity markets in this period. So far this year, they have bought $6.35 billion and $7.12 billion from local equity and debt markets, respectively.

The benchmark Sensex index rose 0.15% or 76.25 points to 29,498.64. So far this year, it has risen 10.2%.

Five out of six members of the monetary policy committee (MPC) were concerned about an increase in inflation, and one even suggested a 25 basis point increase in the repurchase, or repo, rate, according to the minutes of the panel’s last meeting, released on Thursday.

The 10-year bond yield was trading at 6.876% compared to its previous close of 6.877%. Bond yields and prices move in opposite directions.

Asian currencies were trading higher after US Treasury Secretary Steven Mnuchin said plans to reform taxes have progressed. Mnuchin’s comments eased growing concern that President Donald Trump’s fiscal agenda is foundering, while the odds for a rate hike in June climbed toward 60% after Dallas Federal Reserve president Robert Kaplan reiterated that three increases this year remain appropriate, Bloomberg reported.

Taiwan dollar was up 0.2%, South Korean won 0.17%, Malaysian ringgit 0.13%, Japanese yen 0.11%, China offshore 0.07% and China renminbi 0.05%. However, Thai baht was down 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.836, up 0.06% from its previous close of 99.778.

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