Market Investor — Rupee Kiss 1-Week Low Against US Dollar in Opening Trade — The rupee on Thursday was trading at a one-week low against the US dollar, tracking losses in the Asian currencies markets.
The rupee opened at 64.17 a dollar and touched a low of 64.18, a level last seen on 7 September. At 9.15am, the rupee was trading at 64.14 a dollar, down 0.22% from its Wednesday’s close of 63.99.
Fall in the home currency was also due to continued selling by the foreign institutional investors (FIIs) in the local equity markets. Since 1 September, FIIs have sold nearly $800 million in equities.
The government will issue wholesale price inflation (WPI) after 12.30pm for the month of August. According to Bloomberg analysts’ estimates, WPI will be at 3.2% in August compared to 1.88% in July.
The 10-year bond yield was at 6.595% compared to its previous close of 6.586%. Bond yields and prices move in opposite directions.