| Date: |
23-02-2016 |
| Subject: |
Rupee opens marginally lower at 68.66 against US dollar |
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Mumbai: The Indian rupee on Tuesday was trading little changed against the US dollar, tracking the mixed trend in the Asian currencies market. Traders are also avoiding taking huge positions ahead of an event-heavy week.
At 9.09am, the home currency was trading at 68.60, up 0.01% from its previous close of 68.61. The local currency opened at 68.66 a dollar.
Since the beginning of this year, the rupee has lost 3.6%, while foreign institutional investors have sold $2.38 billion from local equity and bought $58.60 million in bond markets.
The government will introduce the railway budget on Thursday and Union Budget on 29 February. Traders will look for direction of government policy through these two announcements. Also traders will keep an eye on the annual economic outlook survey on Friday.
India’s benchmark Sensex index rose 0.26% or 61.17 points to 23,849.96. So far this year, Sensex has fallen 9%.
Asian currencies were trading mixed. Japanese yen was up 0.63%, Indonesian rupiah 0.3%, Malaysian ringgit 0.24% and South Korean won 0.24%. However, Taiwan dollar was down 0.13%, Philippines peso 0.12%, while Singapore dollar and China renminbi fell 0.1% each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.224, down 0.16% from its previous close of 97.379.
Meanwhile, the yield on India’s 10-year benchmark bond was trading at 7.781% against Monday’s close of 7.773%. Bond yields and prices move in opposite directions.
Source : livemint.com
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