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Rupee little changed against US dollar in opening trade

LiveMint logoLiveMint 04-08-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee was trading little changed in opening trade against the US dollar before the US payrolls data due later on Friday.

The rupee opened at 63.67 a dollar. At 9.15am, the rupee was trading at 63.66 a dollar, up 0.05% from its Thursday’s close of 63.69.

According to a Bloomberg report, payroll data may provide the next inflection point, as traders look for clues on the strength of the world’s largest economy and the US Federal Reserve’s next policy move.

The benchmark Sensex index rose 0.20% or 63.87 points to 32,301.83. So far this year, it has risen over 21%.

The 10-year bond yield was at 6.436%, compared to its previous close of 6.43%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 6.64%, while foreign institutional investors (FIIs) bought $8.75 billion and $17.70 billion in equity and debt markets, respectively.

Asian currencies were trading higher. South Korean won was up 0.3%, Philippines peso 0.18%, Taiwan dollar 0.14%, China offshore 0.1%, Singapore dollar 0.06% and Thai baht 0.05%. However, Japanese yen was down 0.08%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.807, down 0.03% from its previous close of 92.839.

Dollar weakened after special counsel Robert Mueller was said to have impanelled a grand jury to investigate Russia’s interference in last year’s presidential election, according to Bloomberg.

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