Rupee vs US dollar: On Friday, the domestic currency fell by 8 paise to close the day at 70.49 paise, on the strong demand for the US currency from the exporters and also due to an increase in crude oil prices.
Rupee vs US dollar: After opening flat at 70.50 against the US dollar, the rupee was down about 6 paise to 70.54 per US dollar in the early morning trade on Monday from the previous close of 74.49 paise per US dollar. On Friday, the domestic currency fell by 8 paise to close the day at 70.49 paise, on the strong demand for the US currency from the exporters and also due to an increase in crude oil prices.
At 9:45 AM (IST), the domestic unit was trading at 70.54 per US dollar, after touching an intraday low of 70.59 per US dollar and an intraday high of Rs 70.45 per US dollar, according to data available with the Bloomberg website. In the debt markets, the 10-year government bond yields were down at 7.246% from its Friday’s close of 7.247%. Bond yields and prices move in opposite directions.
It may be noted that consumer and wholesale price inflation data is due to be released later in the day today. In December, consumer price inflation probably went up 2.17% from 2.33% year-on-year, while wholesale inflation is estimated to be at 4.58%, according to a Bloomberg survey.
Meanwhile, the domestic stock markets– Sensex and Nifty–opened mildly lower on Monday morning, tracking mixed global cues. The Sensex is down 126 points to 35,883.17, while the Nifty is trading above the 10,800-mark.
Ón the global front, Asian shares declined in the early trade as investors appeared wary of China trade data. On Monday, China announced that its 2018 trade surplus with the US was its largest in more than a decade.
Crude oil prices rose on Monday due to ongoing supply cuts from OPEC and Russia and a decline in U.S. drilling activity. While International Brent crude oil futures were at $60.75 per barrel at 0040 GMT, up 27 cents, or 0.5%, from their last close, US West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.4%, at $51.81 a barrel, Reuters reported.