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Rupee hits 10-week high against US dollar

LiveMint logoLiveMint 27-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Thursday hits near 10-week high against the US dollar, tracking gains in the local equity and Asian currencies markets.

The rupee opened at 64.21 a dollar and touched a high of 64.13, a level last seen on 17 May 2017. At 9.15am, the rupee was trading at 64.13 a dollar, up 0.37% from Wednesday’s close of 64.37.

The benchmark Sensex index rose 0.48% or 154.96 points to 32,537.42. So far this year, it has risen over 21%. Nitish Kumar, with BJP support, is all set to return as Bihar CM, barely hours after his resignation brought an end to the Mahagathbandhan with Lalu Prasad

The 10-year bond yield was at 6.444%, compared to its previous close of 6.43%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 5.6%, while foreign investors bought $8.74 billion and $16.82 billion in local equity and debt markets, respectively.

Asian currencies were trading higher as dollar weakened after the US Federal Reserve indicated that a period of weak inflation continues and left rates on hold.

South Korean won was up 0.81%, Taiwan dollar 0.52%, China renminbi 0.33%, Japanese yen 0.26%, Thai baht 0.24%, Malaysian ringgit 0.22%, Philippines peso 0.21%, Indonesian rupiah 0.2%, China offshore 0.17% and Singapore dollar 0.13%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.339, down 0.35% from its previous close of 93.672.

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