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Rupee strengthens marginally against US dollar

LiveMint logoLiveMint 07-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday strengthened marginally against the US dollar in opening trade.

The rupee opened at 64.74 a dollar and touched a high and a low of 64.73 and 64.75, respectively. At 9.15am, the rupee was trading at 64.75 a dollar, up 0.05% from its Thursday’s close of 64.78.

Traders are cautious ahead of the June US employment report due Friday.

Domestic bond yield gained following global bond yields after a hawkish shift by central bankers. Investors continue to adjust to comments by European Central Bank president Mario Draghi last week that spurred speculation policy makers will announce a tapering of bond purchases before the end of the year.

The 10-year bond yield was at 6.549%, compared to its previous close of 6.538%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.06% or 18.96 points to 31,388.30. So far this year, it has risen 17.26%.

So far this year, the rupee has gained 4.85%, while foreign investors bought $8.21 billion and $14.15 billion in local equity and debt markets, respectively.

Asian currencies were trading mixed. Japanese yen was down 0.4%, Taiwan dollar 0.06%, Thai baht 0.05% and China offshore 0.04%. However, South Korean won was up 0.1%, Philippines peso 0.08% and Malaysian ringgit 0.04%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.91, down 0.08% from its previous close of 96.29.

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