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Rupee strengthens against US dollar in opening trade

LiveMint logoLiveMint 24-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Monday strengthened against the US dollar in opening trade.

The rupee opened at 64.51 a dollar. At 9.15am, the rupee was trading at 64.52 a dollar, up 0.16% from its Friday’s close of 64.61. Year-to-date, it gained 5.3%.

Foreign institutional investors (FIIs) were net sellers for the ninth consecutive session and sold nearly $600 million in the local equity markets in this period. So far this year, they have bought $6.33 billion and $7.14 billion from local equity and debt markets, respectively.

The benchmark Sensex index rose 0.23% or 68.51 points to 29,433.81. So far this year, it has risen 10.2%.

The 10-year bond yield was trading at 6.946% compared to its previous close of 6.924%. Bond yields and prices move in opposite directions.

Asian currencies were trading mixed as investor focus shifts from French elections to geopolitical concerns and US President Donald Trump’s tax policy.

Singapore dollar was up 0.17%, Indonesian rupiah 0.16%, Taiwan dollar 0.14% and China offshore 0.05%. However, Japanese yen was down 0.88%, Thai baht 0.07%, Philippines peso 0.05% and South Korean won fell 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.254, down 0.72% from its previous close of 99.977.

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