Bonds

Rupee edges lower after flat opening, bond yields rise

Updated : August 22, 2019 09:12 AM IST

At 09:10 AM, the rupee was trading at 71.66 a dollar, down 11 paise from its Wednesday’s close of 71.55.

In debt markets, the yields on the 10-year government bonds were up 0.26 percent to 6.58 percent from its previous close of 6.57 percent.

Rupee edges lower after flat opening, bond yields rise

The rupee edged lower against the US dollar on Thursday, hurt by a stronger greenback and a sustained rally in global oil prices.

Forex traders said investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon.

At 09:10 AM, the rupee was trading at 71.66 a dollar, down 11 paise from its Wednesday’s close of 71.55. The home currency opened at 71.55 and touched a high and a low of 71.55 and 71.67 a dollar, respectively.

In the currency market, the dollar held gains after minutes from the Federal Reserve’s last policy meeting tempered the rate cut expectations.

The dollar held steady at 106.50 yen following a 0.36 percent gain on Wednesday, its biggest since August 13.

Central bankers will gather at Jackson Hole, Wyoming, on Friday with markets focused on a scheduled speech by Fed Chair Jerome Powell.

In the commodity markets, oil prices edged higher on Thursday after a drawdown in US crude inventories.

Brent crude futures climbed for a fifth consecutive session on Thursday, rising 6 cents, or 0.1 percent, to $60.36 a barrel.

Foreign investors pulled out Rs 770.81 crore from Indian equities on Wednesday, as per exchange data.

In debt markets, the yields on the 10-year government bonds were up 0.26 percent to 6.58 percent from its previous close of 6.57 percent. Bond yields and prices move in opposite directions.

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