Sunday, November 10, 2013

Indian rupee, bonds weaker on Fed tapering concerns after strong US jobs data

The Indian rupee fell past 63 to the dollar to an over seven-week low in early trades on Monday, tracking the dollar strength globally and ahead of key macroeconomic data later this week.

The partially convertible Indian rupee fell as much as 63.10 to the dollar versus its close of 62.475/485 on Friday.

Bond yields also rose tracking gains in US treasury yields. The 10-year benchmark yield rose 10 basis points to 9.09 per cent, a near three-month high.

The US dollar gained against most currencies after an unexpected surge in jobs data, bolstering the case for the Federal Reserve to scale back stimulus as early as next month.
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