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Rupee strengthens marginally against US dollar in opening trade

LiveMint logoLiveMint 06-06-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee was trading marginally stronger for the fifth consecutive session against the US dollar, ahead of the Reserve Bank of India’s (RBI) two-day bi-monthly policy which will start from Tuesday.

The rupee opened at 64.33 a dollar. At 9.15am, the rupee was trading at 64.34, up 0.05% from its Monday’s close of 64.37.

The 10-year bond yield was trading at 6.65% compared to its previous close of 6.647%. Bond yields and prices move in opposite directions.

RBI will announce its policy decision on Wednesday after 2pm. According to a Mint poll of 12 economists, RBI is expected to soften its hawkish stance amid slower economic growth and record-low inflation.

The benchmark Sensex index rose 0.33% or 103.47 points to 31,412.96. So far this year, it has gained 17%.

So far this year, the rupee has gained 5.56%, while foreign investors bought $7.84 billion and $11.22 billion in local equity and debt markets, respectively.

Asian currencies were trading higher. Japanese yen was up 0.62%, South Korean won 0.21%, China offshore 0.18%, Singapore dollar 0.14%, Thai baht 0.14%, Malaysian ringgit 0.11% and China renminbi 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.60, down 0.21% from its previous close of 96.799.

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