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Rupee weakens against US dollar on Asian cues

LiveMint logoLiveMint 23-05-2017 Ravindra N. Sonavane

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

The rupee opened at 64.65 a dollar. At 9.15am, the rupee was trading at 64.70, down 0.2% from its previous close of 64.55.

The benchmark Sensex index rose 0.03% or 7.65 points to 30,578.62. So far this year, it has gained 14.81%.

So far this year, the rupee has gained 5.5%, while foreign investors bought $7.66 billion and $9.67 billion in local equity and debt markets, respectively.

The 10-year bond yield was trading at 6.679% compared to its previous close of 6.667%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower. South Korean won was down 0.25%, Taiwan dollar 0.23%, Thai baht 0.22%, Singapore dollar 0.05%, China renminbi 0.05% and Philippines peso 0.05%. However, Malaysian ringgit was up 0.18% and Japanese yen 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.89, down 0.10% from its previous close of 96.984.

The dollar slipped against the yen on a report that US President Donald Trump sought to push back against an FBI investigation into possible collusion between his campaign and the Russian government.

Nineteen people were killed and 50 injured in an explosion at a concert in Manchester, northern England, which police said they are treating as a terrorist attack. It would be the worst terrorist attack on UK soil since 2005 and comes in the middle of an election campaign, Bloomberg reported.

Traders were cautious ahead of the key Opec decision in Vienna on Thursday. Opec and its allies agree on extending oil output cuts by nine months, according to a Bloomberg report. Traders were also cautious ahead of the minutes from the 3 May US Federal Reserve policy meeting which will be released Wednesday.

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