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Rupee weakens marginally against US dollar

LiveMint logoLiveMint 25-07-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee weakened marginally against the US dollar amid thin trading ahead of the US Federal Reserve meeting starting Tuesday

The rupee opened at 64.41 a dollar. At 9.15am, the rupee was trading at 64.37 a dollar, down 0.05% from its Monday’s close of 64.34.

According to a Bloomberg report, the Fed is expected to keep rates on hold, traders are looking for comments that it could make on its balance-sheet reduction plan.

The 10-year bond yield was at 6.413%, compared to its previous close of 6.414%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.19% or 59.72 points to 32,305.59. So far this year, it has risen 21.1%.

So far this year, the rupee has gained 5.6%, while foreign investors bought $8.73 billion and $16.61 billion in local equity and debt markets, respectively.

Asian currencies were trading lower. Philippines peso was down 0.18%, South Korean won 0.13%, Thai baht 0.1%, Indonesian rupiah 0.1% and Malaysian ringgit 0.1%. However, China offshore was up 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.921, down 0.06% from its previous close of 93.977.

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