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Rupee strengthens against US dollar for fourth session

LiveMint logoLiveMint 27-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Thursday strengthened for the fourth consecutive session against the US dollar after foreign investors continued to buy in local equity and debt markets.

The rupee opened at 64.06 a dollar and touched a high of 63.98. At 9.15am, the rupee was trading at 64.03 a dollar, up 0.14% from its Tuesday’s close of 64.12.

The benchmark Sensex index fell 0.07% or 21.21 points to 30,112.14. So far this year, it has risen 12.5%.

So far this year, the rupee has gained 5.8%, while foreign investors bought $6.54 billion and $7.43 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.941% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. South Korean won was down 0.35%, Philippines peso 0.24%, Taiwan dollar 0.19%, Japanese yen 0.11%, China offshore 0.08%, China renminbi 0.08% and Indonesian rupiah fell 0.08%. However, Malaysian ringgit was up 0.11% and Singapore dollar rose 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 98.873, down 0.18% from its previous close of 99.045.

President Donald Trump unveiled a one-page plan proposing deep US tax cuts, many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets, Reuters reported.

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