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Rupee weakens marginally on weak GDP data

Dealers say it might strenghten later on dollar sale by PSUs

Neelasri Barman Mumbai
The rupee weakened marginally in early trade because of the weak GDP numbers that came in on Friday after market hours.

At 9:15 am, the rupee was trading at Rs 65.83 per dollar compared with previous close of Rs 65.71 per dollar.

The GDP for the first quarter stood at 4.4% compared with 4.8% for the fourth quarter of the previous fiscal.  

According to currency dealers, the rupee may strengthen later in the day on the back of dollar sale by state-run banks on behalf of the Reserve Bank of India (RBI).

Meanwhile, the yield on the 10-year benchmark government bond 7.16% 2023 was trading at 8.54% compared with Friday's close of 8.60%.
 

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First Published: Sep 02 2013 | 9:26 AM IST

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