Mumbai: The Indian rupee on Thursday weakened along with most Asian emerging currencies against US dollar as US yields climb. At 9.15am, the rupee was trading at 68.72 a dollar, down 0.13% from its previous close of 68.62. The currency opened at 68.68 a dollar and touched a high and a low of 68.68 and 68.72, respectively.
So far this year, the rupee has weakened 7.1%, while foreign investors have sold $964.30 million and $6.36 billion in equity and debt markets, respectively.
Benchmark Sensex Index rose 0.33% or 120.46 points to 36,493.90. Since January, it has gained 7%
The 10-year bond yield stood at 7.779%, from its Wednesday’s close of 7.774%. Bond yields and prices move in opposite directions.
Asian currencies were trading lower as ten-year Treasury yields touched a three-week high after Federal Reserve chairman Jerome Powell did little in a congressional hearing to shift expectations for further monetary tightening.
China offshore was down 0.43%, Thai baht 0.31%, China renminbi 0.31%, Singapore dollar 0.15%, Taiwan dollar 0.1%, Philippines peso 0.07%, Malaysian ringgit 0.06%. However, Japanese yen was up 0.11%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.050, down 0.04% from its previous close of 95.085.