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Rupee weakens against US dollar in early trade

LiveMint logoLiveMint 05-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Wednesday weakened against the US dollar in opening trade ahead of key events.

The rupee opened at 65.08 a dollar. At 9.15am, the home currency was trading at 65.10, down 0.10% from its Monday’s close of 65.03. Markets were closed on Tuesday on account of Ram Navmi.

Traders are cautious ahead of the Reserve Bank of India’s (RBI) bi-monthly two-day policy meeting on 5-6 April. According to a Mint poll, RBI is likely to hold rates and retain its neutral stance in the policy.

Traders are also eying key US payrolls report on Friday and minutes from the US Federal Reserve’s March meeting on Wednesday.

So far this year, foreign institutional investors have bought $6.70 billion and $4.40 billion from local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.649%, compared to its previous close of 6.651%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.11% or 32.12 points to 29,942.34. So far this year, it has risen 12%.

Asian currencies were trading higher. Taiwan dollar was up 0.35%, Japanese yen 0.06%, Singapore dollar 0.06%, Japanese yen 0.05% and Indonesian rupiah 0.04%. However, Thai baht was down 0.21% and South Korean won 0.11%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.51, down 0.03% from its previous close of 100.54

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