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Rupee strengthens marginally against US dollar ahead of key data

LiveMint logoLiveMint 12-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee strengthened marginally against the US dollar ahead of the key consumer price inflation and industrial production data due after 5.30pm on Wednesday.

The rupee opened at 64.52 a dollar. At 9.15am, the rupee was trading at 64.51 a dollar, up 0.13% from its Tuesday’s close of 64.59.

The 10-year bond yield was at 6.473%, compared to its previous close of 6.485%. Bond yields and prices move in opposite directions.

According to a Bloomberg poll, the Consumer Price Index (CPI) for June will be at 1.67% from 2.18% a month ago while Index of Industrial Production (IIP) will be 1.7% in May versus 3.1% in April. Traders are cautious ahead of the testimony from Federal Reserve chair Janet Yellen and reports of Donald Trump Jr.’s contact with a Russian lawyer.

The catalyst was the release of emails by the president’s son that said the Russian government backed his father’s presidential campaign and was trying to damage Hillary Clinton, Bloomberg reported.

The benchmark Sensex index rose 0.23% or 72.67 points to 31,819.25. So far this year, it has risen 19.11%.

So far this year, the rupee has gained 5.18%, while foreign investors bought $8.26 billion and $14.64 billion in local equity and debt markets, respectively.

Asian currencies were trading higher. South Korean won was up 0.5%, Japanese yen 0.41%, Taiwan dollar 0.34%, Thai baht 0.28%, China renminbi 0.21%, China offshore 0.17%, Indonesian rupiah 0.16%, Philippines peso 0.14%, Singapore dollar 0.1% and Malaysian ringgit 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.617, down 0.06% from its previous close of 95.669.

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