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    Rupee opens 21 paise higher at 71.96 a dollar

    Rupee opens 21 paise higher at 71.96 a dollar

    Rupee opens 21 paise higher at 71.96 a dollar
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    By Aastha Agnihotri   IST (Published)

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    Indian rupee opened higher against the greenback on Monday as the dollar eased ahead of Federal Reserve’s rates-setting review later this week.

    Indian rupee opened higher against the greenback on Monday as the dollar eased ahead of Federal Reserve’s rates-setting review later this week.
    At 09:10 AM, the rupee was trading at 71.02 a dollar, up 15 paise from its Friday’s close of 71.17. The home currency opened at 70.96 and touched a high and a low of 70.96 and 71.03 a dollar, respectively.
    The rupee on Friday weakened by 10 paise to close at 71.17 against the US dollar amid increasing demand for the greenback from exporters and heavy selling in domestic equities.
    The local currency gained some ground today on softer US dollar. The Federal Open Market Committee meets between Jan 29-30, and Chairman Jerome Powell is widely expected to acknowledge growing risks to the US economy as global momentum weakens.
    The dollar index, a gauge of its value versus six major peers was marginally lower at 95.73.
    Oil prices fell on Monday after US energy firms added rigs for the first time this year in a sign that crude production there will rise further.
    International Brent crude oil futures were at $61.37 a barrel, down 27 cents, or 0.4 percent.
    Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs 94.45 crore, and domestic institutional investors (DIIs) purchased shares worth Rs 389.96 crore Thursday, provisional data showed.
    In debt markets, the yields on the 10-year government bonds up 0.3 percent to 7.33 percent from its previous close of 7.31 percent. Bond yields and prices move in opposite directions.
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