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Indian Rupee weakens marginally against US dollar on Friday

Indian Rupee weakens marginally against US dollar on Friday

The Indian rupee on Friday weakened marginally against the US dollar ahead of the key macro economic data due next week.The rupee opened at 64.28 a dollar. At 9.15am, the rupee was trading at 64.26, down 0.06% from its Thursday’s close of 64.21.The 10-year bond yield was trading at 6.534% compared to its previous close of 6.532%.
Bond yields and prices move in opposite directions.

On Wednesday, the Reserve Bank of India (RBI) kept key rates unchanged but cut its inflation forecast sharply. For the first half of fiscal year 2017-18 (April- September), CPI is now seen at 2.0-3.5% and for the second half at 3.5-4.5%. This marks a revision from 4.5% and 5.0% estimated earlier, respectively.

Asian currencies were trading mixed. Philippines peso was up 0.15%, South Korean won 0.12%, Thai baht 0.09% and Indonesian rupiah 0.05%. However, Japanese yen was down 0.2%, China offshore 0.08% and Taiwan dollar 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.317, up 0.41% from its previous close of 96.918.

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