MUMBAI: The Indian rupee closed lower on Friday, tracking a fall in Asian peers, after US bond yields surged in light of data that signalled inflation in the world’s largest economy could be sticky.
The rupee closed at 82.8775 against the US dollar, down from its close of 82.8175 in the previous session. The local unit notched a weekly loss of about 0.1%, its first week-on-week decline since mid-February.
Asian currencies weakened, with the Korean won down nearly 0.9% and leading losses.
The dollar index was was slightly lower at 103.3 after climbing 0.5% on Thursday, lifted by the jump in US bond yields after data showed that the US PPI for final demand rose more than expected in February.
While the rupee had opened weaker at 82.9525, dollar sales from exporters and foreign banks, likely on behalf of custodial clients, helped the local unit trim its losses, traders said.
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