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Rupee opens marginally higher against US dollar

LiveMint logoLiveMint 25-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday was trading marginally higher against the US dollar tracking gains in the local equity markets.

The rupee opened at 64.41 a dollar. At 9.15am, the rupee was trading at 64.39 a dollar, up 0.07% from its Monday’s close of 64.44.

The benchmark Sensex index rose 0.45% or 132.50 points to 29,788.34. So far this year, it has risen 11.5%.

So far this year, the rupee has gained 5.41%, while foreign investors bought $6.52 billion and $7.17 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.943% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.

Asian currencies were trading mixed after dollar gained before President Donald Trump releases a tax reform plan Wednesday aimed at spurring growth in the US economy.

Malaysian ringgit was up 0.28%, Taiwan dollar 0.13%, Indonesian rupiah 0.12% and Philippines peso rose 0.1%. However, Japanese yen was down 0.29%, South Korean won 0.11%, Thai baht 0.06% and Singapore dollar fell 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.169, up 0.08% from its previous close of 99.092.

Traders are keeping an eye on North Korea, as Kim Jong Un marks the 85th anniversary of the Korean People’s Army on Tuesday. Chinese president Xi Jinping called for restraint on North Korea in a phone call with Trump, who also spoke with Japanese prime minister Shinzo Abe as the US and Japan began joint naval drills in the region, Bloomberg reported.

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