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Rupee opens higher at 70.97 a dollar, bond yields rise

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The rupee opened slightly higher against the US dollar on Thursday. At 09:06 AM, the rupee was trading at 70.94 a dollar, up 10 paise from its Wednesday’s close of 71.04. The home currency opened at 70.97 and touched a high and a low of 70.93 and 71.04 a dollar, respectively.

Rupee opens higher at 70.97 a dollar, bond yields rise
The rupee opened slightly higher against the US dollar on Thursday. At 09:06 AM, the rupee was trading at 70.94 a dollar, up 10 paise from its Wednesday’s close of 71.04. The home currency opened at 70.97 and touched a high and a low of 70.93 and 71.04 a dollar, respectively.
In the currency market, the dollar advanced as investors welcomed US President Donald Trump’s hints of progress toward a trade deal with China.
Trump on Wednesday stoked hopes for a trade deal by telling reporters in New York that the US and China were having “good conversations” and that an agreement “could happen sooner than you think”, reported Reuters.
The dollar index posted its sharpest daily gain in three months overnight and held steady in Asian trade.
In the commodity markets, oil prices edged higher in a sign of cautious optimism about global economic prospects.
US crude ticked up 0.27 percent to $56.64 a barrel, while Brent crude rose to 0.29 percent to $62.54 per barrel in a sign some investors anticipate higher demand for energy and fuel in the future due to stronger economic activity.
Foreign investors pulled out a net Rs 342.40 crore from Indian equities on Wednesday, according to exchange data.
In debt markets, the yields on the 10-year government bonds were up 0.22 percent at 6.77 percent from the previous close of 6.76 percent. Bond yields and prices move in opposite directions.
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