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Rupee opens lower against US dollar in morning trade

LiveMint logoLiveMint 18-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday was trading lower for the second session against the US dollar after foreign investors continued to sell in the local equity markets.

The rupee opened at 64.51 a dollar. At 9.15am, the home currency was trading at 64.55, down 0.05% from its Monday’s close of 64.41. Year-to-date, it gained 5.5%.

Foreign institutional investors (FIIs) were net sellers for the fifth consecutive session and sold nearly $358 million in the local equity markets in this period. So far this year, FIIs have bought $6.57 billion and $6.76 billion from local equity and debt markets, respectively.

The benchmark Sensex index rose 0.39% or 115.82 points to 29,529.48. So far this year, it has risen 12%. The 10-year bond yield was trading at 6.86% compared to its previous close of 6.847%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower as dollar weakened amid muted flows coupled with a hangover from weaker-than-expected economic data and jawboning by US President Donald Trump, who last week said the currency was too strong.

Thai Baht was down 0.23%, China renminbi 0.14%, China offshore 0.11%, Malaysian ringgit 0.11%, Indonesian rupiah 0.1%, Taiwan dollar 0.06% and Japanese yen 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.27, down 0.03% from its previous close of 100.29.

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