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Rupee weakens against US dollar in morning trade

LiveMint logoLiveMint 16-06-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday weakened against the US dollar after trade deficit data for May widened to a 30-month high.

The rupee opened at 64.67 a dollar. At 9.15am, the rupee was trading at 64.65 a dollar, down 0.18% from previous close of 64.54.

Trade deficit for May widened to $13.84 billion from $6.27 billion a year ago and $13.25 billion a month ago mainly due to increase in gold import. Exports rose 8.3% to $24 billion, while imports jumped 33% to $37.85 billion. Gold, silver and precious and semi-precious stones recorded a growth of 128% in May.

The 10-year bond yield was at 6.482% compared to its previous close of 6.474%. Bond yields and prices move in opposite directions. The benchmark Sensex index rose 0.12% or 36.14 points to 31,111.87. So far this year, it has risen 17%.

So far this year, the rupee has gained 5.65%, while foreign investors bought $8.44 billion and $13.37 billion in local equity and debt markets, respectively.

Asian currencies were trading lower after dollar strengthened on delayed reaction to more Hawkish Fed and better-than-expected US data.

South Korean won was down 0.68%, Taiwan dollar 0.38%, Philippines peso 0.33%, Malaysian ringgit 0.26%, Japanese yen 0.23%, China offshore 0.15%, Indonesian rupiah 0.13%, China renminbi 0.07% and Singapore dollar 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 97.489, up 0.06% from its previous close of 97.433.

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