Rupee pares early gains, weakens to six-week low against US dollar
Mumbai: The Indian rupee has cut all gains on Friday morning and has weakened the 65-point mark to a six-week high against the dollar after losses in global capital and currency markets amid uncertainty about The Brazilian and American politics.
The rupee hit a high of 65.02 – a level reached on April 6. In 12h-28h, the rupee weakened to 65.01, down 0.21% from its previous close of 64.85. Earlier in the morning trading, it opened at 64.75 and was strengthened to 0.25% or $ 64.69.
The Sensex index fell 0.18% or 53.77 points to 30 375.47. So far this year, it increased by 13%.
Until this year, the rupee has gained 5.5%, while foreign investors bought 7.12 billion and 9.47 billion dollars respectively in local capital markets and loans.
The 10-year yield bond was trading at 6.669% since the previous close of 6.677%. Bond yields and prices move in opposite directions.
Asian currencies were trading lower. The Indonesian rupiah fell 0.3%, South Korea gained 0.21%, the Philippine peso, 0.13%, the Taiwan dollar, 0.11%, China’s 0.06% and China’s rENMINBI 0 , 05%. However, the Japanese yen increased by 0.31%.
The dollar index, which measures the strength of the US dollar against major currencies, traded at 97,834, down 0.05% from its previous close of 97,879.
The Council on Goods and Services Tax (GST) held on Thursday 1 July for the establishment of the unified indirect tax that would contribute to the creation of a single national market and ensure that consumer products are any tax burden