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Rupee opens stronger against US dollar

LiveMint logoLiveMint 31-05-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee strengthened against the US dollar in morning trade ahead of the gross domestic product data due after 5.30pm on Wednesday.

The rupee opened at 64.53 a dollar. At 9.15am, the rupee was trading at 64.56, up 0.17% from its Monday’s close of 64.67. The benchmark Sensex index rose 0.27% or 82.93 points to 31,242.33. So far this year, it has gained 16.8%.

According to Bloomberg analyst poll, GDP will be at 7.1% for the March quarter from 7% a quarter ago.

The government will also issue fiscal deficit data for April-March after 5.30pm. Fiscal deficit for April-February stood at Rs6.06 trillion or 113.4% of budget estimates for 2016-17 as against 107.1% of budget in the same period last year.

So far this year, the rupee has gained 5%, while foreign investors bought $7.75 billion and $10.34 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.662% compared to its previous close of 6.663%. Bond yields and prices move in opposite directions.

Asian currencies were trading higher. South Korean won was up 0.38%, Taiwan dollar 0.32%, China renminbi 0.2%, China Offshore 0.17%, Malaysian ringgit 0.14%, Philippines peso 0.05%. However, Japanese yen was down 0.26%, Singapore dollar 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.425, up 0.15% from its previous close of 97.28.

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