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Rupee trades little changed against US dollar

LiveMint logoLiveMint 01-06-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Thursday was trading little changed against the US dollar in opening trade.

The rupee opened at 64.48 a dollar. At 9.15am, the rupee was trading at 64.49, up 0.03% from its Wednesday’s close of 64.51.

Gross domestic product (GDP) growth slowed to 6.1% in the fiscal fourth quarter from 7% in the third, according to data released by the government on Wednesday. Real gross value added (GVA), another measure of economic activity that is arrived at by excluding net indirect taxes from GDP, slowed to a growth pace of 5.6% in the March quarter, also the fourth consecutive quarterly decline.

Analysts say that the slowdown may put pressure on the Reserve Bank of India (RBI), whose monetary policy committee meets next week, to cut policy rates to balance its inflation-targeting focus with the need to stimulate economic growth.

The benchmark Sensex index rose 0.22% or 70.03 points to 31,215.83. So far this year, it has gained 17%.

So far this year, the rupee has gained 5.29%, while foreign investors bought $7.72 billion and $10.52 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.652% compared to its previous close of 6.662%. Bond yields and prices move in opposite directions.

Asian currencies were trading mixed. China renminbi was up 0.4%, China offshore 0.2%, Taiwan dollar 0.14%, Indonesian rupiah 0.14%, Taiwan dollar 0.13% and Philippines peso rose 0.1%. However, Malaysian ringgit was down 0.24%, Thai baht 0.17%, Japanese yen 0.14%, Singapore dollar 0.08% and South Korean won 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.992, up 0.07% from its previous close of 96.922.

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