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Rupee trades lower at 59.18 per dollar ahead of RBI policy

LiveMint logoLiveMint 03-06-2014 Ravindra Sonavane

Mumbai: The Indian rupee on Tuesday opened lower against the dollar ahead of the bi-monthly monetary policy review of the Reserve Bank of India (RBI) at 11am.

According to 38 Bloomberg analysts, the central bank will keep the policy rates unchanged.

The local currency opened at 59.18 per dollar against its Monday’s close of 59.16.

Since the beginning of this year, the rupee has gained 4.34% against the dollar, while foreign institutional investors have bought $8.08 billion from local equity markets.

The yield on India’s 10-year benchmark bond was trading at 8.671%, compared with its Monday’s close of 8.665%. Bond yields and prices move in opposite directions.

At 9.14am, the rupee was trading at 59.23 per dollar, down 0.12% from its previous close, while India’s equity benchmark Sensex was trading at 24,729.22 points on BSE, up 0.18%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.6, down 0.05% from its previous close of 80.64.

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