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Rupee strengthens against US dollar in opening trade

LiveMint logoLiveMint 11-07-2017 Ravindra N. Sonavane

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

The rupee opened at 64.46 a dollar and touched a high of 64.45, a level last seen on 29 June. At 9.15am, the rupee was trading at 64.48 a dollar, up 0.12% from its Monday’s close of 64.53.

Traders are also cautious ahead of the key macro data on 12 July. The government will issue consumer price inflation and industrial production data for June and May, respectively.

According to DBS Bank report, inflation will slip 1.6% from 2.2% in May. “Food inflation might slip deeper into deflation on y-o-y (year-on-year) terms on base effects, but a modest rise is likely in sequential terms. Monsoon has been slightly above normal, but flooding conditions in some parts of the country has lifted costs of perishables (particularly vegetables),” according to the DBS Bank report.

The 10-year bond yield was at 6.465%, compared to its previous close of 6.474%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.34% or 106.85 points to 31,822.49. So far this year, it has risen 19.11%.

So far this year, the rupee has gained 5.25%, while foreign investors bought $8.24 billion and $14.47 billion in local equity and debt markets, respectively.

Asian currencies were trading higher. Thai baht was up 0.13%, Indonesian rupiah 0.12%, Philippines peso 0.12%, South Korean won 0.06%, Singapore dollar 0.05% and Taiwan dollar 0.05%. However, Japanese yen was down 0.12%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.116, up 0.09% from its previous close of 96.022.

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