The partially convertible rupee opens at 63.90 per dollar compared with its previous close of 63.69
Expectations are that the rupee will weaken further in the next few days as more clarity come from the US Federal Reserve. Photo: Priyanka Parashar/Mint
Expectations are that the rupee will weaken further in the next few days as more clarity come from the US Federal Reserve. Photo: Priyanka Parashar/Mint
Mumbai: The Indian rupee on Wednesday opened lower
as investors were weighed down by concerns that the US Federal Reserve
will cut its $85 billion per month bond buying programme soon.
The rupee opened at 63.90 a dollar against its Tuesday’s close of 63.6950.
The Indian currency is now trading at a two-month low
after losing 3.41% in the last six trading days. Expectations are that
the rupee will weaken further in the next few days as more clarity come
from the US Federal Reserve.
The dollar index, which measures the US currency’s
strength against major currencies, was trading at 81.10, down 0.11% from
its previous close of 81.192.
The yield on India’s 10-year benchmark bond was trading at 9.12%, compared with its Tuesday’s close of 9.057%.
At 9.15am, the domestic currency was trading at 63.79 per
dollar, down 0.15%. India’s equity benchmark Sensex was trading at
20,260.19 points, down 0.11%.
On Tuesday, the government issued Index of Industrial
Production (IIP) data which rose 2% in September as against 0.4% in
August, while consumer price inflation accelerated to 10.09% in October
as against 9.84% in September.
TOUHID HUSSAIN
PGDM 2nd YEAR
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