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Rupee opens marginally higher against US dollar

LiveMint logoLiveMint 27-09-2017 Ravindra N. Sonavane

Mumbai: The rupee on Wednesday strengthened marginally against US dollar in the opening trade.

The home currency opened at 65.38 a dollar. At 9.15am, the rupee was trading at 65.36 a dollar, up 0.14% from its Tuesday’s close of 65.45.

The 10-year bond yield was at 6.67%, compared to its previous close of 6.669%. Bond yields and prices move in opposite directions. The benchmark Sensex index rose 0.31% or 97.57 points to 31,697.33. So far this year, it has risen over 19.89%.

So far this year, the rupee has gained 4.4%, while foreign institutional investors have bought $6.39 billion and $20.36 billion in equity and debt, respectively.

Asian currencies were trading lower amid expectations that US President Donald Trump and Republican leaders will reveal their tax plan due later on Wednesday. According to a Bloomberg report, Trump will unveil a 35% individual tax rate, and the rate on corporations would be set at 20%, down from the current 35%.

Malaysian ringgit was down 0.29%, Thai baht 0.23%, South Korean won 0.17%, Japanese yen 0.16%, Singapore dollar 0.07%, Philippines peso 0.06%. However, China renminbi was up 0.07%, Hong Kong dollar 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.08, up 0.11% from its previous close of 92.966.

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