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    Rupee gains 5 paise to 70.36 a dollar in opening trade

    Rupee gains 5 paise to 70.36 a dollar in opening trade

    Rupee gains 5 paise to 70.36 a dollar in opening trade
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    By Aastha Agnihotri   IST (Published)

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    Indian rupee opened slightly higher against the greenback on Friday, as the dollar softened a touch following US Federal Reserve Jerome Powell's comments coupled with lower oil prices.

    Indian rupee opened slightly higher against the greenback on Friday, as the dollar softened a touch following US Federal Reserve Jerome Powell's comments coupled with lower oil prices.
    At 09:10 AM, the rupee was trading at 70.36 a dollar, up 5 paise from its Thursday’s close of 70.41. The home currency opened at 70.41 and touched a high and a low of 70.35 and 70.41 a dollar, respectively.
    Snapping its two-session slide, the rupee ticked higher by 5 paise to close at 70.41 per US dollar Thursday on increased selling of the greenback by exporters amid easing crude oil prices.
    The dollar remained on the defensive on expectations the US central bank will keep interest rates steady if the economy slows this year.
    The dollar index, which tracks the greenback against major currencies, was marginally lower in early Asian trade, but was off its near three-month lows posted in the previous session.
    Powell said on Thursday said that the central bank had the ability to be patient on monetary policy given stable price measures, and he downplayed predictions from policymakers suggesting interest rates would be raised twice more this year, reported Reuters.
    Oil prices slipped on Friday as concerns over economic growth were rekindled. International Brent crude futures were at $61.22 per barrel at 0139 GMT, down 46 cents, or 0.75 percent, from their last close.
    In debt markets, the yields on the 10-year government bonds rose 0.8 percent to 7.59 percent from its previous close of 7.53 percent. Bond yields and prices move in opposite directions.
     
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