Rupee is no a decline against the U.S. dollar amid mixed Asian cues

Indian Rupee Currency

The Indian Rupee is down against the dollar amid mixed Asian currencies market.

The rupee opened at 63.73 per dollar and later went down to 63.70, down 20 percent from its 63.58 close on Friday.

Executive chairman of Templeton Emerging Markets Group at Franklin Templeton Investments, Mark Mobius, said in an interview that he believes that the rupee will go on with its strong rally against the dollar this year with the strong economic growth in India and with its strong and lifting forex reserves. He expects that it will hit 60 per dollar by the end of the year.

The benchmark Sensex index climbed 0.11 percent or 34.52 points to 32,359.93. It has risen over 21 percent so far this year.

By far, the rupee has added 6.64 percent, while $8.85 billion and $18.25 billion in equity and debt markets have been bought by the foreign institutional investors (FIIs) respectively.

Asian currencies traded mixed. Taiwan dollar was down 0.09 percent, South Korean Won 0.26 percent, Philippine peso 0.16 percent and Malaysian ringgit 0.07 percent. On the other hand, Singapore dollar was up 0.07%, China offshore spot 0.1 percent and China renminbi 0.09 percent.

The dollar index was trading at 93.364, down 0.19 percent from its previous close of 93.52.

The non-farm payroll has risen by 209,000 last month, surpassing forecasts of 183,000 as shown by the Labor Department data of Friday. The number of Americans that are employed reached 153.5 million for the month, which is the highest one recorded.


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