The Indian currency opened lower on Wednesday against the US dollar amid some buying in American currency by banks and importers.
The rupee is trading lower by 5 paise at 69.40 against US Dollar. The 10-year bond yield was at 6.907%, compared with Tuesday's close of 6.88%.
On the international front, Federal Reserve Bank of St. Louis President James Bullard said while a pre-emptive rate cut would protect against a sharper-than-expected slowdown, the situation doesn’t warrant a 50bps reduction.
On Tuesday, the local unit settled at 69.36/$, marginally down by 1 paisa.
On the economy front, the Reserve Bank of India (RBI) on Tuesday issued a report of the expert committee on Micro, Small and Medium Enterprises (MSME). The panel recommended setting up a distressed asset fund of Rs5,000cr to assist units in clusters where a change in the external environment has led to a large number of MSMEs becoming non-performing assets (NPA).
Meanwhile, the Sensex rose 108 points at 39,543, with the Nifty gaining 28 points to trade at 11,824 levels.
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