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Rupee holds the line against US dollar ahead of assembly poll results tomorrow

LiveMint logoLiveMint 10-03-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday was trading little changed against the US dollar in a thin market ahead of the final results of the assembly elections which will be out on Saturday.

Traders are likely to avoid taking a long position ahead of the long weekend and key macro economic data. Indian markets will be closed on Monday on occasion of Holi.

The rupee opened at 66.73 a dollar on Friday. At 9.15am, the home currency was trading at 66.72, down 0.01% from its Thursday’s close of 66.72.

The exit polls shows that the Bharatiya Janata Party (BJP) is likely to emerge as a major victor from the latest state assembly elections except in Punjab. While some polls shows that the BJP is likely to get full majority in Uttar Pradesh.

The government will issue the index of industrial production data for January on Friday and consumer price inflation data for February on Monday. Wholesale price inflation data for February will be released on Tuesday.

The benchmark Sensex index rose 0.32% or 93.83 points to 29,022.96.

So far this year, it has risen 9%.

The 10-year bond yield was trading at 6.872% compared to its Thursday’s close of 6.861%. Bond yields and prices move in opposite directions.

So far this year, rupee gained 1.8% while foreign institutional investors have bought $2.56 billion and $561.30 million from local equity and debt markets, respectively.

Asian currencies were trading mixed as investors shifted their focus from the European Central Bank to the monthly US employment report due later on Friday for a fresh read on the path of US monetary policy. The next US Federal Reserve meeting will be on 14-15 March.

Japanese yen was down 0.21%, Taiwan dollar 0.19%, Indonesian rupiah 0.04%. However, South Korean won was up 0.13%, Philippines peso 0.07%, Singapore dollar 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.91—up 0.06% from its Monday’s close of 101.85.

Earlier, European Commercial Bank president Mario Draghi gave a more positive outlook for the region’s economy that stopped short of signaling the central bank is contemplating a shift to a more hawkish stance, according to a Bloomberg report

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