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This article is more than 2 year old.

Rupee gains 16 paise to 69.77 a dollar in opening trade, bond yields fall

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Indian rupee opened 16 paise higher against the greenback on Monday, as a weak dollar overseas and oil supply glut concerns propped up the domestic currency.

Rupee gains 16 paise to 69.77 a dollar in opening trade, bond yields fall
Indian rupee opened 16 paise higher against the greenback on Monday, as a weak dollar overseas and oil supply glut concerns propped up the domestic currency.
At 09:10 AM, the rupee was trading at 69.77 a dollar, up 18 paise from its Friday’s close of 69.95. The home currency opened at 69.79 and touched a high and a low of 69.74 and 69.81 a dollar, respectively.
The rupee jumped 40 paise on Friday to finish at an over one-week high of 69.95 against the US currency. This was its highest closing level since December 20, when the rupee ended at 69.70.
The dollar traded narrowly against its peers on Monday, as risk sentiment remained fragile over heightened concerns of slowing global growth and a partial US government shutdown, reported Reuters.
The dollar index, a gauge of its value versus six major peers was marginally lower, fetching 96.35 in early Asian trade.
Meanwhile, oil prices edged higher on the last trading day of the year, but remain on track for the first yearly decline in three years amid concerns of a supply glut.
Brent crude futures - the international benchmark for oil prices - rose 17 cents, or 0.3 percent, to $53.38 a barrel by 0115 GMT. Brent has shed about 20 percent in 2018 following two years of successive growth, as per Reuters data.
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 119.60 crore Friday, provisional data showed.
In debt market, the yields on the 10-year government bonds fell 0.19 percent to 7.37 percent from its previous close of 7.38 percent. Bond yields and prices move in opposite directions.
 
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