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Rupee crosses 64 mark in opening trade, erases gains soon after

LiveMint logoLiveMint 17-05-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Wednesday strengthened past the 64 mark to hit a three-week high in opening trade but soon erased most of the gains and was trading little changed against the US dollar.

The rupee opened at 64.02 a dollar and touched a high of 63.99, a level last seen on 27 April. At 9.15am, the rupee was trading at 64.05 a dollar, up 0.04% from its Tuesday’s close of 64.08.

The benchmark Sensex index rose 0.09% or 26.28 points to 30,608.88. So far this year, it has risen 14%.

So far this year, the rupee has gained 6%, while foreign investors bought $6.77 billion and $9 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.668% compared to its previous close of 6.669%. Bond yields and prices move in opposite directions.

Asian currencies were trading mixed. Japanese yen was up 0.58%, Malaysian ringgit 0.13% and Singapore dollar 0.08%. However, South Korean won was down 0.22%, Taiwan dollar 0.07% and Indonesian rupiah 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.945, down 0.16% from its previous close of 98.105.

The dollar fell toward the lowest level since the US election in November as political turmoil surrounding President Donald Trump sapped demand for the greenback.

The Dollar Spot Index slipped for the sixth day on reports that Trump asked FBI director James Comey to end an investigation into former National Security Adviser Michael Flynn. The currency was already weakening on Friday’s inflation data and after a report saying the president shared classified intelligence with Russian officials, Bloomberg reported.

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