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Rupee weakens marginally against US dollar

LiveMint logoLiveMint 21-03-2017 Ravindra N. Sonavane

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

The rupee opened at 65.40 a dollar. At 9.15am, the home currency was trading at 65.42, down 0.08% from its Monday’s close of 65.36.

So far this year, rupee gained 4% while foreign institutional investors have bought $4.23 billion and $1.28 million from local equity and debt markets, respectively.

The benchmark Sensex index fell 0.02% or 5.43 points to 29,524.17. So far this year, it has risen 11%.

The 10-year bond yield was trading at 6.885%, compared to its Monday’s close of 6.893%. Bond yields and prices move in opposite directions.

Asian currencies were trading lower after Federal Reserve Bank of Chicago president Charles Evans addressed the timing for further tightening.

Thai baht was down 0.23%, Singapore dollar 0.15%, Japanese yen 0.14%, China offshore 0.06% and Philippines peso fell 0.05%. However, South Korean won was up 0.37% and Taiwan dollar 0.18%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.22, down 0.19% from its Monday’s close of 100.41.

The US Federal Reserve could raise interest rates two, three or four times this year, said Evans, though his Minneapolis colleague Neel Kashkari argued that there was no need to rush, Bloomberg reported.

Traders are awaiting Fed chair Janet Yellen’s speech on Thursday for further cues.

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