Mumbai: The Indian rupee on Wednesday was trading little changed against the US dollar in opening trade. At 9.12am, the rupee was trading at 68.83 a dollar, down 0.01% from its previous close of 68.82. The currency opened at 68.79 a dollar. Traders are awaiting consumer price inflation and Index of Industrial production data due to be released on 12 July.
June CPI probably rose 5.25% year on year versus 4.87% in May, according to median in a Bloomberg News survey.
The 10-year bond yield stood at 7.895%, from its Tuesday’s close of 7.899%. Bond yields and prices move in opposite directions.
So far this year, the rupee has weakened 7.2%, while foreign investors have sold $827.90 million and $6.23 billion in equity and debt markets, respectively.
Benchmark Sensex Index fell 0.02% or 5.99 points to 36,233.63. Since January, it has gained 6.41%
Asian currencies were trading lower after Trump administration released additional list of Chinese goods to impose tariffs.
The Trump administration pushed ahead with plans to impose tariffs on additional $200 billion in Chinese products by releasing a list of targets, marking a sharp escalation in a trade war between the world’s two largest economies.
China renminbi was down 0.44%, South Korean won 0.35%, China offshore 0.35%, Taiwan dollar 0.27%, Thai Baht 0.25%, Singapore dollar 0.20%, Malaysian ringgit 0.15%, Indonesian rupiah 0.13%, Japanese yen 0.05%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.209, up 0.06% from its previous close of 94.158.