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Rupee rises to 59.28 per dollar on positive Asian market

LiveMint logoLiveMint 05-06-2014 Ravindra Sonavane

Mumbai: The Indian rupee on Thursday opened marginally higher against the dollar tracking gains in Asian currency market. The local currency opened at 59.28 per dollar against its Wednesday’s close of 59.34.

Most of the Asian currencies were trading higher. The South Korean won was trading up 0.4%, Japanese yen was trading higher by 0.18%, Philippines peso was up 0.16%, Malaysian ringgit was up 0.11%, while Taiwan dollar rose 0.1%.

Since the beginning of this year, the rupee has gained 4.27% against the dollar, while foreign institutional investors have bought $8.13 billion from local equity markets.

The yield on India’s 10-year benchmark bond was trading at 8.58%, compared with its Wednesday’s close of 8.599%. Bond yields and prices move in opposite directions.

At 9.10am, the rupee was trading at 59.30 per dollar, up 0.05% from its previous close, while India’s equity benchmark Sensex index was trading at 24,846.77 points on BSE, up 0.17%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.653, down 0.01% from the previous close of 80.663.

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