Rupee opens lower at 60.30 per dollar 

The yield on India’s 10-year benchmark bond was trading at 8.953%, compared with its Tuesday’s close of 8.956%. Bond yields and prices move in opposite directions. Photo: Pradeep Gaur/Mint

Mumbai: The Indian rupee on Wednesday opened lower tracking the weakness in Asian currencies against the US dollar. It opened at 60.30 against its Tuesday’s close of 60.23.

Most Asian currencies were trading lower with Japanese yen down 0.26%, South Korea down 0.14%, Indonesian rupiha down 0.1%, Singapore dollar down 0.07%.

China’s GDP expanded at 7.4% in the first quarter, its slowest rate since 2012 indicating that the economy is struggling to rebound.

At 9.06am, the local unit was trading at 60.29, down 0.09% from previous close, while India’s benchmark index, Sensex is trading at 22,506.98 points on BSE, up 0.10%.

Since the beginning of this year, the rupee has gained 2.51%, while foreign institutional investors have bought $4.76 billion during the period from local equity markets.

The yield on India’s 10-year benchmark bond was trading at 8.953%, compared with its Tuesday’s close of 8.956%. Bond yields and prices move in opposite directions.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.826, up 0.02% from the previous close of 79.803.

On Tuesday, Wholesale Price based inflation rose to 5.7% in March, higher than a median estimate in a Bloomberg poll of 42 analysts which expected it to come in at 5.3% while the Consumer Price Index-based inflation accelerated to 8.31% in March from 8.1% a month ago.

 

Ankur Mishra

PGDM 1ST

SOURCE - LIVEMINT