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Rupee strengthens against US dollar in opening trade

LiveMint logoLiveMint 18-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday strengthened against the US dollar, tracking gains in the Asian currencies markets.

The rupee opened and touched a high of 64.32 a dollar. At 9.15am, the rupee was trading at 64.32 a dollar, up 0.07% from its Monday’s close of 64.36.

The 10-year bond yield was at 6.456%, compared to its previous close of 6.464%. Bond yields and prices move in opposite directions.

The benchmark Sensex index fell 1% or 300 points to 31,784.20. So far this year, it has risen 19%.

So far this year, the rupee has gained 5.3%, while foreign investors bought $8.36 billion and $16.12 billion in local equity and debt markets, respectively.

Asian currencies were trading higher. Japanese yen was up 0.42%, South Korean won 0.23%, China offshore 0.13%, China renminbi 0.12%, Indonesian rupiah 0.1%, Thai baht 0.1%, Taiwan dollar 0.1% and Singapore dollar 0.09%. However, Philippines peso was down 0.22%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.768, down 0.38% from its previous close of 95.128.

Traders are cautious ahead of Thursday’s European Central Bank policy meeting and next week’s US Federal Reserve meeting.

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