The partially convertible rupee opens at 66.92 per dollar compared with its previous close of 66.64
Mumbai: The Indian rupee on Monday weakened against the US dollar, after the Chinese market continued to slide.
The local currency opened at 66.92 a dollar. At 9.12am, the rupee was trading at 66.86 a dollar, down 0.33% from its previous close of 66.64. The rupee has fallen 6.21% during this financial year.
Indiaâ€™s benchmark equity index, BSE Sensex, was trading at 24,787.11 points, down 0.59% or 147.22 points. Since 1 January, the Sensex is down 5.1% or 1350 points.
The Shanghai Composite Index slid 3.3% to 3,080.89 points. The Hang Seng China Enterprises Index tumbled 4% while the Hang Seng index fell below 20,000 for the first time since 2013.
Asian currencies were trading mixed. China reported a record 46th monthly decline in producer prices on Saturday and the nationâ€™s consumer price inflation remained at about half the governmentâ€™s 2015 target, leaving policy makers more room to add to their record stimulus and boost flagging growth, Bloomberg reported.
Singapore dollar was up 0.22%, China renminbi 0.19% and China offshore 0.17% However, South Korean won was down 0.86%, Malaysian ringgit 0.26%, Taiwan dollar 0.18% and Philippines peso 0.15%.
Since 1 April, the Sensex is down over 10.81%, while foreign institutional investors have sold $2.96 billion from local equity markets and bought $1.04 billion from the debt market.
Meanwhile, the yield on Indiaâ€™s current 10-year benchmark bond stood at 7.739% compared with its Fridayâ€™s close of 7.744%. Bond yields and prices move in opposite directions.
The dollar index, which measures the US currencyâ€™s strength against major currencies, was trading at 98.415, down 0.13% from its previous close of 98.54.