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Rupee hits three-week low in opening trade

LiveMint logoLiveMint 06-09-2017 Ravindra N. Sonavane

Mumbai: The rupee on Wednesday weakened for the fourth session to hit a three-week low against the US dollar after foreign institutional investors (FIIs) liquidated their investments in the domestic markets.

The rupee opened at 64.18 a dollar and touched a low of 64.22, a level last seen on 16 August. At 9.10am, the rupee was trading at 64.21 a dollar, down 0.12% from its Tuesday’s close of 64.13.

The rupee came under pressure as FIIs sold nearly $250 million in local equities since 1 September and took dollars out of the country amid geopolitical tensions between the US and North Korea.

The 10-year bond yield was at 6.481% compared to its previous close of 6.5%. Bond yields and prices move in opposite directions.

The benchmark Sensex index fell 0.30% or 96.54 points to 31,713.01. So far this year, it has risen over 19.47%.

So far this year, the rupee has gained 6.08%, while FIIs bought $6.91 billion and $19.87 billion in equity and debt markets, respectively.

Asian currencies were trading mixed after US Federal Reserve officials called for caution on further policy tightening.

Malaysian ringgit was up 0.32%, Japanese yen 0.18% and China renminbi 0.09%. However, South Korean won was down 0.17%, Thai baht 0.04% and Taiwan dollar 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.313, up 0.07% from its previous close of 92.252.

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