Mumbai: The Indian rupee on Friday weakened past 64-per-dollar level tracking weakness in offshore non-deliverable forwards, but better-than-expected factory output data may limit a very sharp fall.

At 9.07am, the Indian currency was trading at 64.06 per dollar, down 0.81% against its Thursday’s close of 63.5350. India’s equity benchmark BSE Sensex was trading at 19,771.58 points, down 0.05%.

The Index of Industrial Production (IIP) grew 2.6% in July as against a 2.2% decline in June, while the consumer price index (CPI)-based inflation decelerated in August for the second consecutive month to 9.52% as against 9.64% in July.

The benchmark 10-year bond yield was trading up 2 basis points at 8.52%. One basis point is one-hundredth of a percentage point.

The one-month offshore non-deliverable forward rate was trading at 64.72 versus its previous close of 64.30.

MANISH SAINI

PGDM-1ST