Rupee weakens to two-week low against US dollar in opening trade

Mumbai: The Indian rupee on Wednesday weakened for the third consecutive session to hit a two-week low against the US dollar in the opening trade.

The rupee opened at 64.15 a dollar and touched a low of 65.16—a level last seen on 24 October. At 9.15am, the home currency was trading at 65.14 against the dollar, down 0.19% from its Tuesday’s close of 65.03.

The 10-year bond yield was at 6.920% compared to its previous close of 6.858%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.44% or 140.92 points to 33,511.68 points. So far this year, it has gained 25.33%.

So far this year, the rupee has gained 4.25%, while foreign institutional investors have bought $6.39 billion and $22.74 billion in equity and debt, respectively.

Asian currencies were trading mixed. Japanese yen was up 0.19% and Singapore dollar rose 0.08%. However, South Korean won was down 0.19% and Indonesian rupiah fell 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.831, down 0.09% from its previous close of 94.913.