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Rupee hits a fresh 17-month high against US dollar in opening trade

LiveMint logoLiveMint 29-03-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Wednesday strengthened past the 65-mark to hit a fresh 17-month high against the US dollar in the opening trade.

The rupee opened at 65.10 a dollar and touched a high of 64.99 —a level last seen on 28 October 2015. At 9.15am, the home currency was trading at 64.99—up 0.07% from its Monday’s close of 65.05.

Money markets were closed on Tuesday due to Gudi Padva.

So far this year, rupee has gained 4.3%, while foreign institutional investors have bought $4.86 billion and $3.09 billion from local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.732%, compared to its previous close of 6.711%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.20% or 59.82 points to 29,469.34. So far this year, it has risen 10%.

Asian currencies were trading lower as markets awaiting the formal move by the UK to start an historic split with the European Union. Earlier, Fed vice-chairman Stanley Fischer said in a CNBC interview that the two more rate increases this year would be appropriate.

Thai baht was down 0.27%, Malaysian ringgit 0.17%, Philippines peso 0.17%, China renminbi 0.16%, Japanese yen 0.08%, South Korean won 0.05%, Indonesian rupiah 0.05%. However, Singapore dollar was up 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.723, up 0.01% from its Monday’s close of 99.712.

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