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Rupee opens little changed against US dollar ahead of WPI data

LiveMint logoLiveMint 14-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee was trading little changed against the US dollar in opening trade ahead of wholesale price inflation (WPI) data due later on Friday.

The rupee opened at 64.43 a dollar. At 9.15am, the rupee was trading at 64.46 a dollar, down 0.02% from its Thursday’s close of 64.45.

According to a Bloomberg poll, WPI will be at 1.39% for June against 2.17% a month ago.

The 10-year bond yield was at 6.467%, compared to its previous close of 6.456%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.05% or 17.48 points to 32,054.86. So far this year, it has risen 20.32%.

So far this year, the rupee has gained 5.3%, while foreign investors bought $8.37 billion and $16.16 billion in local equity and debt markets, respectively.

Asian currencies were trading lower. Philippines peso was down 0.13%, Taiwan dollar 0.13%, Japanese yen 0.12%, Malaysian ringgit 0.08%, South Korean won 0.06% and Singapore dollar 0.04%. However, Thai baht was up 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.742, up 0.01% from its previous close of 95.728.

Dollar steadied after touching a 10-month low amid testimony from US Federal Reserve chair Janet Yellen, who signalled that a gradual approach to rate hikes remains the base case.

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