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Rupee hits over one-month high against US dollar

LiveMint logoLiveMint 08-09-2017 Ravindra N. Sonavane

Mumbai: The rupee on Friday strengthened to hit over one-month high against the US dollar, after foreign institutional investors (FIIs) continued to buy in Indian debt markets. Year to date, FIIs have bought $20.17 billion in debt.

Gains in the Asian currencies also helped the local currency after dollar dropped for the seventh day amid doubts about further US Federal Reserve tightening and ongoing tensions with North Korea.

The rupee opened at 63.84 a dollar and touched a high of 63.84, a level last seen on 9 August. At 9.15am, the rupee was trading at 63.87 a dollar, up 0.28% from its Thursday’s close of 64.05.

Malaysian ringgit was up 0.67%, China renminbi 0.57%, Indonesian rupiah 0.54%, China offshore 0.51%, South Korean won 0.3%, Philippines peso 0.29%, Japanese yen 0.27%, Taiwan dollar 0.26%, Singapore dollar 0.16%, Hong Kong dollar 0.12% and Thai baht 0.11%.

The 10-year bond yield was at 6.498% compared to its previous close of 6.515%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.18% or 56.11 points to 31,718.85. So far this year, it has risen over 19%.

So far this year, the rupee has gained 6%, while FIIs have bought $6.68 billion in equity.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.201, down 0.51% from its previous close of 91.66.

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