Rupee hits 11-week low against US dollar - Mint.com

11-Nov-2016 05:45:34 PM
Mumbai, Nov. 11 -- The Indian rupee on Friday weakened past the 67-mark to hit near 11-week low against the US dollar, tracking the losses in the Asian currencies and global equity markets.

The home currency opened at 67.10 against the US dollar and touched a low of 67.19- a level last seen on 29 August. At 2pm, the rupee was trading at 67.18 a dollar, down 0.82% from its previous close of 66.63. So far this year, it fell 1.1%.

Asian currencies were trading weaker on expectations that Donald Trump as president will boost the economy and accelerate US interest-rate increases.

Indonesian rupiah was down 2%, Malaysian ringgit 1.8%, South Korean won 1.2%, Taiwan dollar 0.84%, Philippines peso 0.59%, China renminbi 0.14%, Thai baht 0.05%. However, Singapore dollar was up 0.07% and Japanese yen was up 0.06%.

India's benchmark Sensex index was trading at 27,069.22 points, down 1.63% or 448.46 points from its previous close. So far this year, it has gained 4%.

The government will issue Index of Industrial Production (IIP) data for September on Friday.

According to Bloomberg estimates, IIP will be at 1% in September against -0.7% a month ago.

The government will also issue Wholesale Price Inflation (WPI) and Consumer Price Inflation (CPI) data for October on Tuesday.

According to Bloomberg estimates, WPI will be at 3.69% in October against 3.57% a month ago. CPI will be at 4.12% against 4.31% a month ago.

The benchmark 10-year government bond yield was trading at 6.691%, compared to Thursday's close of 6.661%. Bond yields and prices move in opposite directions.

Foreign institutional investors (FIIs) have sold $501.60 million in debt and bought $6.51 billion in equity till date this year.

The dollar index, which measures the US currency's strength against major currencies, was trading at 98.788, down 0.01% from its previous close of 98.785. Published by HT Syndication with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com