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Rupee opens little changed against US dollar

LiveMint logoLiveMint 22-02-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday was trading little changed against the US dollar in opening trade.

The local currency opened at 66.95 a dollar. At 9.15am, the home currency was trading at 66.94, down 0.02% from its previous close of 66.93.

India’s benchmark Sensex index rose 0.24% or 66.41 points to 28,828. So far this year, Sensex has risen 7.6%.

Traders are focusing on results of the upcoming state elections on 11 March.

India’s 10-year bond yield rose to 6.90% compared to its Friday’s close of 6.852%. Bond yields and prices move in opposite directions.

On Tuesday, currency and bond markets were closed due to municipal corporation elections. The result will be announced on Thursday.

Since the beginning of this year, the rupee has gained 1.49%, while foreign institutional investors have bought $1.58 billion and $574.50 million from local equity and debt markets, respectively.

Most of the Asian currencies were trading higher. South Korean won was up 0.45%, Japanese yen 0.23%, Taiwan dollar 0.16%, Singapore dollar 0.15%, Indonesian rupiah 0.11%, Philippines peso 0.09%, China renminbi 0.05% and Thai baht 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.31, down 0.06% from its previous close of 101.37.

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