Reuters: Indian rupee, bonds weaken at open; further falls expected

Reuters: Indian rupee, bonds weaken at open; further falls expected
August 26, 2013

The Indian rupee weakened in opening trade on Monday, tracking a lower rupee in the non-deliverable forward markets, while bond yields also edged up on back of the currency’s fall, traders said.

Traders expect the rupee to drop further due to month-end dollar demand from importers likely later in session.

The partially convertible rupee was trading at 63.82/84 per dollar at 9:08 a.m. (0338 GMT) compared with its Friday close of 63.20/21. The one-month offshore NDF was trading at 64.60/70, sharply weaker than the onshore spot rate.

The benchmark 10-year bond yield rose as much as 4 basis points to 8.30 percent in early trade. (Reporting by Swati Bhat and Subhadip Sircar; Editing by Prateek Chatterjee)

Read More: http://in.reuters.com/article/2013/08/26/india-markets-open-idINL4N0GR0NG20130826