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Rupee weakens past 66 against US dollar

Rupee weakens past 66 against US dollar

Rupee opened at 66.03 per US dollar and touched a low of 66.07, a level last seen on 16 September

Mumbai: The Indian rupee on Wednesday weakened past the 66 mark against the US dollar from its previous close after local equity markets extended losses for the third consecutive session.

At 9.12am, the home currency was trading at 66.06, down 0.27% from its previous close of 65.88. The local unit opened at 66.03 per US dollar and touched a low of 66.07, a level last seen on 16 September.

The benchmark Sensex index fell 0.49% or 125.31 points to 25,526.53 points.

The yield on India’s 10-year benchmark bond was trading at 7.728% compared with its Tuesday close of 7.716%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has lost 4.3%, while foreign institutional investors (FIIs) have bought $4.2 billion from local equity and $6.08 billion from bond markets.

Most Asian currencies were trading lower after China posted lower than expected Purchasing Managers’ Index (PMI). Malaysian ringgit was down 1.1%, South Korean won 0.67%, Indonesian rupiah 0.51%, Singapore dollar 0.35%, Philippines peso 0.21%, Thai baht 0.17% and China renminbi 0.12%. However, Japanese yen was up 0.25%.

Chinese manufacturing gauge fell to the lowest in six-and-a-half years, underscoring challenges facing the nation’s factories as the economy’s old growth engines splutter.

The preliminary PMI from Caixin Media and Markit Economics was at 47.0 for September, missing the median estimate of 47.5 in a Bloomberg survey and below the final reading of 47.3 in the previous month. Readings remained below 50 since March, indicating contraction, according to Bloomberg report.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.295, up 0.01% from its previous close of 96.283.

Source: http://www.livemint.com/Money/RBvnqLafU02156AsKfki2J/Rupee-weakens-past-66-against-US-dollar.html

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