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Rupee weakens against US dollar in opening trade

LiveMint logoLiveMint 07-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday weakened against the US dollar, tracking its Asian peers after the US launched missiles against Syria two days after Bashar al-Assad’s regime used gas to kill civilians.

The rupee opened at 64.70 a dollar and touched a low of 64.71. At 9.15am, the home currency was trading at 64.64, down 0.17% from its Thursday’s close of 64.54.

The decision to strike in Syria marked a stark reversal for US President Donald Trump, who during his presidential campaign faulted past US leaders for getting embroiled in conflicts in the Middle East, Bloomberg reported.

So far this year, the rupee has gained 5%, while foreign institutional investors have bought $6.86 billion and $5.35 billion from local equity and debt markets, respectively.

Bond yield gained for the second session after the Reserve Bank of India on Thursday hiked reverse repo rate by 25 basis points to 6% from 5.75%. The repo rate kept unchanged at 6.25%.

The 10-year bond yield was trading at 6.819%, compared to its previous close of 6.769%. Bond yields and prices move in opposite directions.

The benchmark Sensex index fell 0.26% or 76.63 points to 29850.71. So far this year, it has risen 12%.

Asian currencies were trading lower. Taiwan dollar was down 0.36%, South Korean won 0.35%, Thai baht 0.23%, China offshore 0.11%, Indonesian rupiah 0.11%, Philippines peso 0.07% and Singapore dollar 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.64, down 0.03% from its previous close of 100.67.

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