The Indian rupee on Monday opened little changed as investors awaited further cues from global and local economic data. Trade is also likely to be thin because of year-end holiday.

The local currency opened at 63.31 per dollar compared with its previous close of 63.30. At 9.08am, the rupee was trading at 63.27 per dollar, up 0.05% .

India’s benchmark equity index, BSE Sensex, was trading at 27,459.39 points, up 0.32%.

Asian currencies were trading mixed against the dollar. The South Korean won strengthened 0.41%, Indonesian rupiah was up 0.38% and the Philippines peso 0.31%. However, Malaysian ringgit was down 0.32%, Taiwan dollar 0.27%, Singapore dollar 0.1% and China renminbi 0.1%.

The yield on India’s 10-year benchmark bond stood at 7.964% compared with its Friday’s close of 7.942%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has weakened 2.32% against the dollar, while foreign institutional investors have bought $16.45 billion from local equity markets and $26.18 billion from the debt market.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 89.499, down 0.11% from its previous close of 89.598.

Investors will be watching the progress of the Parliament session that ends 23 December and the results of the Jharkhand and Jammu and Kashmir Assembly elections to be announced the same day for further cues on the markets.

Source:livemint.com