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Rupee trades low at 65.57 against US dollar

LiveMint logoLiveMint 22-03-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Wednesday weakened against the US dollar tracking the fall in global equity markets.

The rupee opened at 65.55 and touched a low of 65.57 a dollar. At 9.15am, the home currency was trading at 65.57, down 0.42% from its Monday’s close of 65.28.

Equities tumbled across Asia after the S&P 500 Index fell the most since Donald Trump’s election, as reflation trades faltered amid uncertainty over prospects for the US president’s policies. Traders are awaiting Federal Reserve chair Janet Yellen’s speech on Thursday for further cues, Bloomberg reported.

So far this year, rupee gained 3.8%, while foreign institutional investors have bought $4.32 billion and $1.48 million from local equity and debt markets, respectively.

The benchmark Sensex index fell 0.05% or 15.12 points to 29,470.33. So far this year, it has risen 10.5%.

The 10-year bond yield was trading at 6.86%, compared to its Tuesday’s close of 6.887%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. South Korean won was down 0.4%, Philippines peso 0.26%, Taiwan dollar 0.19%, Malaysian ringgit 0.14%, Singapore dollar 0.1% and Indonesian rupiah 0.1%. However, Japanese yen was up 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.84, up 0.03% from its Monday’s close of 99.81.

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