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Rupee opens marginally lower against US dollar

LiveMint logoLiveMint 04-05-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Thursday weakened marginally against the US dollar, in opening trade.

The rupee opened at 64.20 a dollar. At 9.15am, the rupee was trading at 64.23 a dollar, down 0.12% from its Wednesday’s close of 64.15.

Overnight, the US Federal Reserve kept interest rates unchanged and also signalled that it is looking past a recent deceleration in economic growth.

Traders are cautious ahead of the key US official employment report on Friday. Traders are also keeping a watch on Fed chair Janet Yellen and at least five other central bank officials as they are scheduled to speak on Friday, besides the French presidential election on Sunday.

The benchmark Sensex index rose 0.37% or 109.46 points to 30,007.25. So far this year, it has risen 12%.

So far this year, the rupee has gained 5.8%, while foreign investors bought $6.30 billion and $7.59 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.974% compared to its previous close of 6.954%. Bond yields and prices move in opposite directions.

Asian currencies were trading mixed. Philippines peso was up 0.17%, South Korean won 0.12% and China renminbi 0.04%. However, Taiwan dollar was down 0.16%, Indonesian rupiah 0.14%, Malaysian ringgit 0.11% and Thai baht 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.321, up 0.11% from its previous close of 99.209.

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