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Rupee opens 14 paise lower at 69.76 a dollar, bond yields fall

Rupee opens 14 paise lower at 69.76 a dollar, bond yields fall

Rupee opens 14 paise lower at 69.76 a dollar, bond yields fall
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By Aastha Agnihotri  Apr 24, 2019 9:15:56 AM IST (Published)

The rupee opened lower against the greenback on Wednesday, as the American unit hovered near a 22-month following strong US housing data.

The rupee opened lower against the greenback on Wednesday, as the American unit hovered near a 22-month following strong US housing data.

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At 09:10 AM, the rupee was trading at 69.78 a dollar, down 16 paise from its Tuesday’s close of 69.62. The home currency opened at 69.76 and touched a high and a low of 69.76 and 69.81 a dollar, respectively.
Globally, the US dollar hovered near a 22-month high against its peers after strong US housing data further eased concerns towards the world’s biggest economy.
The dollar index versus a basket of six major currencies stood at 97.660 after rising to 97.777 overnight, its highest since June 2017.
In commodity markets, oil prices edged lower on signs that global markets remain adequately supplied.
International Brent crude futures were at $74.24 per barrel at 0058 GMT, down 27 cents, or 0.4 percent, from their last close.
Crude futures rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.
A rebound in oil prices pushes up oil import costs and will widen India’s currency account deficit, say economists.
A report by Care Ratings suggested that a permanent increase in crude oil prices by 10 percent under ceteris paribus conditions could translate into the current account deficit increasing by 0.4-0.5 percent of GDP while the rupee can weaken by 3-4 per cent on an annual basis.
Foreign institutional investors (FIIs) emerged as net sellers in capital markets, pulling out Rs 237.47 crore on Tuesday, provisional exchange data showed.
In debt markets, the yields on the 10-year government bonds were down 0.70 percent to 7.42 percent from its previous close of 7.47 percent. Bond yields and prices move in opposite directions.
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