Rupee slips to 62.11 per dollar ahead of GDP data

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The yield on India’s 10-year benchmark bond was trading at 8.912%, almost same as its Wednesday’s close of 8.919%. Bond yields and prices move in opposite directions. Photo: Pradeep Gaur/Mint

Mumbai: The Indian rupee on Friday opened lower ahead of the release of gross domestic product (GDP) growth numbers later in the day.

The domestic currency opened at 62.11 per dollar against its Wednesday’s close of 61.99.

The government will release GDP data for the three months ended December and fiscal deficit data for January later in the day. A Bloomberg poll showed that GDP will grow 4.7% in the December quarter as against 4.8% in September quarter.

The yield on India’s 10-year benchmark bond was trading at 8.912%, almost same as its Wednesday’s close of 8.919%. Bond yields and prices move in opposite directions.

At 9.15am, the rupee was trading at 62.08 per dollar, down 0.16% from its previous close, while India’s benchmark index, BSE Sensex, was trading at 21,035 points, up 0.21% from last close.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.272, down 0.01% from the previous close of 80.285.

 

Ajeet Kumar 

PGDM

2nd SEM