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Rupee trades flat against US dollar ahead of WPI data

LiveMint logoLiveMint 17-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee was trading little changed against the US dollar in opening trade, ahead of the wholesale price inflation (WPI) data due on Monday after 12.30pm.

The rupee opened at 64.43 a dollar. At 9.15am, the home currency was trading at 64.40, up 0.02% from its Thursday’s close of 64.41.

The benchmark Sensex index rose 0.14% or 39.82 points to 29,501.27. So far this year, it has risen 12%.

According to Bloomberg analyst estimates, WPI will be at 6% in March from 6.55% a month ago.

The 10-year bond yield was trading at 6.843% compared to its previous close of 6.822%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 5.5%, while foreign institutional investors have bought $6.62 billion and $6.48 billion from local equity and debt markets, respectively.

Asian currencies were trading higher after the Good Friday holiday following a report that US inflation fell for the first time in more than a year.

Thai baht was up 0.45%, Japanese yen 0.41%, Singapore dollar 0.32%, South Korean won 0.27%, Taiwan dollar 0.21%, China offshore spot 0.14%, Indonesian rupiah 0.12% and Malaysian ringgit 0.07%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.35, down 0.15% from its previous close of 100.51.

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