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Rupee opens stronger against US dollar

LiveMint logoLiveMint 29-06-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Thursday strengthened against the US dollar, tracking gains in its Asian peers.

The rupee opened at 64.46 a dollar. At 9.15am, the rupee was trading at 64.47 a dollar, up 0.15% from its Wednesday’s close of 64.55.

The 10-year bond yield was at 6.497% compared to its previous close of 6.498%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.07% or 22.27 points to 30,856.59. So far this year, it has risen 16%.

So far this year, the rupee has gained 5.2%, while foreign investors bought $8.45 billion and $14.17 billion in local equity and debt markets, respectively.

Asian currencies were trading higher after central bankers around the world signalled that interest rates may need to rise with the global economy solid enough to withstand tighter financial conditions.

South Korean won was up 0.42%, China renminbi 0.3%, China offshore 0.22%, Taiwan dollar 0.2%, Indonesian rupiah 0.12%, Philippines peso 0.12%, Singapore dollar 0.08% and Malaysian ringgit 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.871, down 0.14% from its previous close of 96.01.

US Federal Reserve chair Janet Yellen sparked the rally in banks after she reiterated this week that the central bank’s tightening is on track. Bank of England governor Mark Carney suggested on Wednesday that the time is nearing for a rate increase.

(Bloomberg contributed this story)

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