Rupee under pressure, slips past 69 a dollar mark

Rupee under pressure, slips past 69 a dollar mark

So far this year, the rupee has weakened 7.30%, while foreign investors have sold $585.40 million and $6.10 billion in equity and debt markets respectively. Photo: AFP

So far this year, the rupee has weakened 7.30%, while foreign investors have sold $585.40 million and $6.10 billion in equity and debt markets respectively. Photo: AFP

Mumbai: The Indian rupee was trading marginally lower against the US dollar, tracking losses in Asian peers before US tariffs on Chinese goods kick in on Friday. At 9.15am, the rupee was trading at 69.01 a dollar, down 0.10% from its previous close of 68.94. The currency opened at 68.90 and touched a high of 68.90 and a low of 69.01 a dollar.

US tariffs on $34 billion of Chinese imports will go ahead after midnight in Washington and another $16 billion could follow in two weeks, President Donald Trump told reporters on Air Force One, before suggesting the final total could eventually reach $550 billion, a figure that exceeds all of China’s annual goods exports to the US.

The US Federal Reserve officials said a “very strong” economy warranted more rate hikes, while citing the trade war and emerging-market turmoil as risks to growth, according to minutes of the June meeting released Thursday. US jobs data for June is due on Friday.

The 10-year bond yield stood at 7.89%, from its Thursday’s close of 7.897%. Bond yields and prices move in opposite directions.

So far this year, the rupee has weakened 7.30%, while foreign investors have sold $585.40 million and $6.10 billion in equity and debt markets respectively.

Benchmark Sensex Index fell 0.01% or 2.77 points to 35,571.78. Since January, it has gained 4.46%

Asian currencies were trading lower. China Renminbi was down 0.35%, China Offshore 0.31%, Indonesian rupiah 0.15%, South Korean won 0.1%, Thai Baht 0.08%, Singapore dollar 0.06%, Malaysian ringgit 0.05%, Japanese yen 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.439, up 0.05% from its previous close of 94.395.

Bloomberg contributed this story

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