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    Rupee opens 20 paise higher at 70.92 a dollar; focus on Union Budget

    Rupee opens 20 paise higher at 70.92 a dollar; focus on Union Budget

    Rupee opens 20 paise higher at 70.92 a dollar; focus on Union Budget
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    By Aastha Agnihotri   IST (Published)

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    Indian rupee opened stronger against the greenback on Thursday, as dollar extended losses after the US Federal Reserve signaled that its three-year drive to tighten monetary policy is close to an end.

    Indian rupee opened stronger against the greenback on Thursday, as dollar extended losses after the US Federal Reserve signaled that its three-year drive to tighten monetary policy is close to an end.
    At 09:10 AM, the rupee was trading at 70.89 a dollar, up 23 paise from its Wednesday’s close of 71.12. The home currency opened at 70.92 and touched a high and a low of 70.86 and 70.94 a dollar, respectively.
    The local currency gained ground today, helped by a weak US dollar. The US central bank on Wednesday held interest rates steady and  discarded its promises of “further gradual increases” in interest rates, and said it would be “patient” before making any further moves.
    The dollar index, a gauge of its value versus six major peers, was down slightly at 95.37 and near a 3-week low, after falling 0.43 percent overnight.
    Investors are now focused on the government’s interim Budget on Friday and according to market experts, rupee is likely to react negatively in the short term, if government gives the populist budget.
    US oil prices edged up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States, reported Reuters.
    International Brent crude oil futures had yet to trade, after closing up 2.2 percent in the previous session.
    Meanwhile, foreign funds bought shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also purchased shares worth Rs 502.26 crore Wednesday, provisional data showed.
    In debt markets, the yields on the 10-year government bonds down 0.22 percent to 7.31 percent from its previous close of 7.33 percent. Bond yields and prices move in opposite directions.
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