LM:Rupee weakens to 60.27 on dollar demand from state-run banks
Mumbai: The Indian rupee weakened against the US currency on Wednesday on dollar demand from state-run banks, while foreign banks were seen selling the greenback, halting the local currency’s slide.
At 2.16pm, the rupee was trading at 60.27, down 0.05% from its previous close of 60.23 a dollar. The local currency had opened at 60.30 and strengthened to 60.20 in the morning trade.
BSE’s benchmark Sensex fell 0.7% to 22,328.32 points.
Asian currencies were largely showing a mixed trend against the dollar even as the dollar index, which measures the US currency’s strength against major global currencies, was trading down at 79.7, from its previous close of 79.803.
Since the beginning of this year, the rupee has gained 2.53%, while foreign institutional investors (FIIs) have bought $4.76 billion during the period from local equity markets.
The yield on India’s 10-year benchmark bond was trading at 8.953%, compared with its Tuesday’s close of 8.956%.
