Rupee weakens to 64.65 against US dollar

Rupee weakens to 64.65 against US dollar

Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking losses in the Asian currencies markets.

The rupee opened at 64.65 a dollar. At 9.15am, the home currency was trading at 64.65, down 0.14% from its Monday’s close of 64.56.

The government will issue Index of Industrial Production (IIP) and Consumer Price Index-based (CPI) inflation for February and March, respectively, on Wednesday after 5.30pm. According to a Bloomberg poll, CPI will be at 3.96% in March from 3.65% a month ago, while IIP will be at 1.3% for February from 2.7% a month ago.

The benchmark Sensex index rose 0.17% or 51.25 points to 29,626.99. So far this year, it has risen 12%.

So far this year, the rupee has gained 5.2%, while foreign institutional investors have bought $6.91 billion and $6.19 billion from local equity and debt markets, respectively. The 10-year bond yield was trading at 6.883% compared to its previous close of 6.865%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. South Korean won was down 0.59%, Philippines peso 0.18%, Singapore dollar 0.14%, Taiwan dollar 0.12% and China offshore 0.04%. However, Japanese yen was up 0.3%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.04, up 0.02% from its previous close of 101.02.

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