| Date: |
13-05-2015 |
| Subject: |
Rupee trades marginally higher at 64.11 per dollar |
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Mumbai: The Indian rupee on Wednesday was trading marginally higher against the dollar, tracking the gains in the Asian currencies market.
The local unit opened at 64.18 per dollar. At 9.10am, the home currency was trading at 64.11, up 0.08% from its previous close of 64.17.
Most of the Asian currencies were trading higher. Malaysian ringgit was up 0.35%, Taiwan dollar was up 0.22%, Thai baht was up 0.17%, South Korean won up 0.1%, Indonesian rupiah and China offshore spot were up 0.08% each, and China renminbi and Japanese yen were up 0.05% each.
The Sensex rose 0.4% or 100 points to 26,985.60 points. The local markets fell at least 600 points on Tuesday.
Foreign institutional investors (FIIs) have sold $2.34 billion in equity markets in the last 15 out of 16 sessions, except on 21 April and 11 May when FIIs bought $2.6 billion and $49.07 million, respectively. In May so far, FIIs have sold $980.94 million in debt and $557.29 million in equity.
India’s factory output touched a five-month low in March and inflation eased to a four-month low in April, providing the right context for a possible rate cut by the Reserve Bank of India in its monetary policy review on 2 June.
Growth in the index of industrial production (IIP) slowed to 2.1% in March from 4.9% a month ago because of an across-the-board slowdown in production, while the consumer price index-based retail inflation eased to 4.87% in April from 5.25% a month ago with slower gains in vegetable prices, government data showed.
The yield on India’s 10-year benchmark bond was trading at 7.974% compared with its Tuesday’s close of 7.949%. Bond yields and prices move in opposite directions.
Since the beginning of this year, the rupee has lost 1.71%, while FIIs have bought $6.65 billion from local equity and $6.47 billion from bond markets.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.420, down 0.12% from its previous close of 94.534.
Source : livemint.com
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