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Rupee weakens against US dollar on Asian cues

LiveMint logoLiveMint 03-10-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking losses in the Asian currencies market.

The rupee opened at 65.63 a dollar and touched a low of 65.67. At 9.15am, the home currency was trading at 65.57 against the dollar, down 0.5% from its Friday’s close of 65.28. Markets were closed on Monday on account of Gandhi Jayanti.

Asian currencies were trading lower as the dollar gained after American factory data released on Monday beat estimates and the prospect for tax cuts boosted confidence in the US economy.

Japanese yen was down 0.27%, Thai baht 0.26%, Singapore dollar 0.26%, Indonesian rupiah 0.25%, Philippines peso 0.2%, South Korean won 0.17%, Malaysian ringgit 0.13%, Taiwan dollar 0.12% and China offshore fell 0.06%. However, China renminbi was up 0.12%.

The BSE benchmark index rose 0.40%, or 125.70 points, to 31,419.42. So far this year, the Sensex has gained over 17.5%.

The 10-year bond yield was at 6.675%, compared to its previous close of 6.663%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 3.6%, while foreign institutional investors have bought $5.34 billion and $20.07 billion in equity and debt, respectively.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.809, up 0.27% from its previous close of 93.559.

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