Mumbai: The Indian rupee came off from its morning lows on dollar sales by exporters even as pressure on the domestic currency continued, in line with its Asian peers. The rupee came under pressure in the morning after data showed India’s services sector continued to contract for six straight months. The Purchasing Managers’ Index (PMI) for services came down to 46.7 points in December from 47.2 points in November. A PMI reading above 50 indicates expansion, while below 50 means contraction. At 2.15pm, the rupee was trading at 62.275 a dollar, down 0.19% from its previous close of 62.155. The partially convertible currency fell as much as 62.465 a dollar in the day. Since January 2013 till date, the rupee has weakened 11.69% and is the third biggest loser among Asian currencies after the Indonesian rupiah and the Japanese yen. The dollar index, which measures the US currency’s strength against major global currencies, was trading at 80.826, up 0.04% from its previous close of 80.791. India’s equity benchmark BSE Sensex was at 20,756.43 points, down 0.46%, or 94.90 points from its previous close. The yield on the 10-year bond was at 8.817%, down from its previous close of 8.837%.

Source