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Business News/ Market / Stock-market-news/  Rupee hits 3-month low agains dollar on Fed tapering
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Rupee hits 3-month low agains dollar on Fed tapering

The local unit opened at 60.25 per dollar and touched a low of 60.58 in intra-day trade, its lowest level since 28 April

The rupee ended lower against the dollar on Thursday, tracking the weakness in other Asian currencies after the Federal Open Market Committee decided to take another $10 billion cut on its monthly asset purchases. Photo: Pradeep Gaur/MintPremium
The rupee ended lower against the dollar on Thursday, tracking the weakness in other Asian currencies after the Federal Open Market Committee decided to take another $10 billion cut on its monthly asset purchases. Photo: Pradeep Gaur/Mint

Mumbai: The rupee ended lower against the dollar on Thursday, tracking the weakness in other Asian currencies after the Federal Open Market Committee (FOMC) decided to take another $10 billion cut on its monthly asset purchases.

The home currency ended at 60.56, down 0.83% from its previous close of 60.06. India’s benchmark index, Sensex ended at 25,894.97 points on BSE, down 0.74%. The local unit opened at 60.25 per dollar and touched a low of 60.58 in intra-day trade, its lowest level since 28 April.

All the Asian currencies ended lower. The Thai baht was down 0.46%, Malaysian ringgit 0.41%, South Korean won 0.33%, Singapore dollar 0.24%, Philippines peso 0.13% and Taiwan dollar 0.13%.​

The yield on India’s 10-year benchmark bond ended at 8.498%, compared with its previous close of 8.513%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has gained 2.05%, while foreign institutional investors have bought $12.11 billion from local equity markets.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.501, up 0.08% from the previous close of 81.432.

India’s fiscal deficit in the first three months of 2014-15 touched 56.1% of the full-year target, government data showed on Thursday. Meanwhile, growth in eight core sector industries rose by 7.3% in June compared with 2.3% in May.

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Published: 31 Jul 2014, 09:26 AM IST
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