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Rupee weakens slightly against US dollar on Asian cues

LiveMint logoLiveMint 10-04-2017 Ravindra N. Sonavane

Mumbai: The Indian rupee on Monday weakened marginally against the US dollar, tracking losses in its Asian peers.

The rupee opened at 64.31 a dollar. At 9.15am, the home currency was trading at 64.34, down 0.09% from its Friday’s close of 64.28.

So far this year, the rupee has gained 5.7%, while foreign institutional investors have bought $6.93 billion and $6.07 billion from local equity and debt markets, respectively. The 10-year bond yield was trading at 6.836% compared to its previous close of 6.821%. Bond yields and prices move in opposite directions.

The benchmark Sensex index rose 0.03% or 9.09 points to 29,715.70. So far this year, it has risen 12%.

Asian currencies were trading lower as traders weighed the impact of the American jobs report and the path for US monetary policy tightening.

South Korean won was down 0.68%, Japanese yen 0.34%, Taiwan dollar 0.2%, Singapore dollar 0.17%, China offshore 0.16%, Thai baht 0.16%, China renminbi 0.11% and Malaysian ringgit 0.09%. However, Philippines peso was up 0.4%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.30, up 0.12% from its previous close of 101.18.

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