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Rupee opens higher at 69.02 a dollar, bond yields fall

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The rupee opened higher against the greenback on Friday, after the RBI cut the interest rate but kept its monetary policy stance ‘neutral’.

Rupee opens higher at 69.02 a dollar, bond yields fall
The rupee opened higher against the greenback on Friday, helped by a drop in global crude oil prices.
On Thursday, the rupee plunged 76 paise after the RBI cut the interest rate but kept its monetary policy stance ‘neutral’. In its first bi-monthly policy review for this financial year, the central bank slashed the policy rate by 0.25 percent for the second time in a row.
At 09:10 AM, the rupee was trading at 69.08 a dollar, up 9 paise from its Thursday’s close of 69.17. The home currency opened at 69.02 and touched a high and a low of 69.02 and 69.13 a dollar, respectively.
Globally, the dollar scaled three-week high amid expectations that the trade dispute between the United States and China would be resolved soon.
The greenback extended overnight gains and rose to 111.80 yen, its highest since March 15. It last traded at 111.695.
The dollar has rebounded 1.8 percent since slumping to a six-week trough of 109.70 yen on March 25.
In commodity markets, oil prices fell, with Brent slipping away from the $70 mark after briefly rising above that level in the previous session.
International benchmark Brent futures dropped 23 cents, or 0.3 percent, to $69.17 a barrel by 0040. On Thursday, they closed 9 cents higher after touching a session high of $70.03, the highest since Nov. 12.
In debt markets, the yields on the 10-year government bonds were down 0.29 percent to 7.33 percent from its previous close of 7.35 percent. Bond yields and prices move in opposite directions.
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