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Rupee weakens against US dollar on Asian cues

LiveMint logoLiveMint 28-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Friday weakened against the US dollar, tracking losses in the global equity and currencies markets.

The rupee opened at 64.19 a dollar. At 9.15am, the rupee was trading at 64.22 a dollar, down 0.16% from its Thursday’s close of 64.11.

The benchmark Sensex index fell 0.01% or 3.35 points to 32,379.95. So far this year, it has risen over 22%.

The 10-year bond yield was at 6.440%, compared to its previous close of 6.444%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 5.5%, while foreign investors bought $8.74 billion and $16.82 billion in local equity and debt markets, respectively.

Asian currencies were trading lower ahead of US gross domestic product figures for the second quarter, to be released later on Friday.

South Korean won was down 0.45%, Taiwan dollar 0.22%, Thai baht 0.17%, Philippines peso 0.1%, China renminbi 0.08%, Singapore dollar 0.07% and Malaysian ringgit 0.07%. However, Japanese yen was up 0.16%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.83, down 0.04% from its previous close of 93.864.

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