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Rupee jumps 20 paise to 68.77 a dollar in opening trade, bond yields rise

Rupee jumps 20 paise to 68.77 a dollar in opening trade, bond yields rise

Rupee jumps 20 paise to 68.77 a dollar in opening trade, bond yields rise
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By Aastha Agnihotri  Jul 19, 2019 9:08:48 AM IST (Published)

The rupee opened higher against the US dollar on Friday, snapping a 3-day fall, in the face of sluggish greenback.

The rupee opened higher against the US dollar on Friday, snapping a 3-day fall, on the back of sluggish greenback.

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At 09:08 AM, the rupee was trading at 68.74 a dollar, up 23 paise from its Thursday’s close of 68.97. The home currency opened at 68.77 and touched a high and a low of 68.73 and 68.79 a dollar, respectively.
In the currency market, the dollar inched lower after Federal Reserve officials bolstered expectations of an aggressive rate cut this month.
At a central banking conference on Thursday, New York Fed President John Williams argued for pre-emptive measures to avoid having to deal with too low inflation and interest rates, reported Reuters.
The dollar stood at 107.42 yen, up 0.15 percent in early trade, having hit a three-week low of 107.21 on Thursday.
In commodity markets, oil prices jumped after the US Navy destroyed an Iranian drone in the Strait of Hormuz.
Brent crude futures were up 82 cents, or 1.3 percent, at $62.75 by 0100 GMT. They closed down 2.7 percent on Thursday, falling for a fourth day.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 16.97 crore Wednesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.61 percent to 6.38 percent from its previous close of 6.35 percent. Bond yields and prices move in opposite directions.
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