E-Paper
Rupee, bond traders flat ahead of key GDP data
The currency opened at 71.77 to a dollar. At 9.10 am, the domestic currency was trading at 71.76, up 0.01% from its Thursday’s close of 71.72.
The Indian rupee and bond was trading little changed as traders are awaiting the release of gross domestic product data due later on Friday.
The currency opened at 71.77 to a dollar. At 9.10 am, the domestic currency was trading at 71.76, up 0.01% from its Thursday’s close of 71.72.
Traders will also gauge chances of further easing by Reserve Bank of India (RBI), which is expected to show economic growth slowed for a fifth straight quarter. Economic growth is further expected to ease to 5.7% in June-quarter from a five-year low of 5.8% in the previous period, according to a Bloomberg survey
The 10-year government bond yield was at 6.558% compared with its previous close of 6.551%.
In pre-trade, the benchmark equity index Sensex was up 0.02% at 37461.03 points. So far this year, the index has risen 2.77%.
In the year so far, rupee weakened 2.81%, foreign investors have bought nearly $7.21 billion in Indian equities and $4.06 billion in debt.
Asian currencies were mixed as investors cautiously assess signs of some easing in trade tensions between the US and China.
Malaysian ringgit was down 0.22%, China Offshore 0.18%, China renminbi 0.13%, Singapore dollar 0.13%, Thai Baht 0.1%. However, South Korean won was up 0.54%, Philippines peso 0.08%, Taiwan dollar 0.08%, Japanese yen 0.04%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.525, up 0.02% from its previous close of 98.507.
(Bloomberg contributed this story)
