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Rupee strengthens against US dollar on Asian cues

LiveMint logoLiveMint 15-05-2017 Ashwin Ramarathinam

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

At 9:08am, the rupee was trading at 64.05 a dollar, up 0.40% from its Friday’s close of 64.31. The rupee opened at 64.11 a dollar and touched a high and a low of 64.03 and 64.11, respectively.

The benchmark Sensex index gained 0.33% or 99.22 points to 30,287.37. So far this year, it has risen 13.75%.

So far this year, the rupee has gained 6.04%, while foreign investors bought $6.36 billion and $8.31 billion in local equity and debt markets, respectively.

Consumer Price Index (CPI) for the month of April rose 2.99% year-on-year against a Bloomberg estimate of 3.30%, Wholesale Price Index (WPI) for the month of April rose 3.85% as per 2011-12 base and Index of Industrial Production for the month of March rose 2.7% as per the 2011-12 base.

The 10-year bond yield closed at 6.912% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.

Asian currencies were trading higher. Malaysian ringgit rose 0.235%, South Korean won 0.202%, Thai baht 0.173%, Philippines peso 0.095%, Taiwan dollar 0.080%, Indonesian rupiah 0.075%, Singapore dollar 0.029%, Hong Kong dollar 0.028%, Japanese yen 0.01% and China renminbi 0.001%. However, China offshore was down 0.023%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.179, down 0.07% from its previous close of 99.252.

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