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Rupee creeps higher as dollar stays defensive

Rupee creeps higher as dollar stays defensive

Rupee creeps higher as dollar stays defensive
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By Aastha Agnihotri  Jan 10, 2019 9:14:24 AM IST (Published)

Indian rupee edged higher against the greenback on Thursday, as the dollar remained on the defensive after hitting its lowest level since mid-October.

Indian rupee edged higher against the greenback on Thursday, as the dollar remained on the defensive after hitting its lowest level since mid-October.

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At 09:10 AM, the rupee was trading at 70.43 a dollar, up 3 paise from its Wednesday’s close of 70.46. The home currency opened at 70.53 and touched a high and a low of 70.42 and 70.54 a dollar, respectively.
Rupee on Wednesday extended its losses by another 25 paise to close at 70.46 against the US dollar as continued rise in global crude oil prices weighed on sentiments.
On Thursday, the American unit remained weak amid signs Fed policymakers are becoming more cautious about future rate hikes and as investors unwound safe-haven bets due to optimism over the trade talks.
The greenback was down nearly 0.2 percent against the euro at $1.1560.
Oil also caught investors’ attention after US crude and Brent jumped overnight, helped by optimism over easing Sino-US trade tensions.
Brent crude futures were up more than 4.6 percent overnight. The sharp gains extended a rally that has pushed futures up about 14 percent this year.
In debt markets, the yields on the 10-year government bonds fell 1.4 percent to 7.53 percent from its previous close of 7.64 percent. Bond yields and prices move in opposite directions.
 
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