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Rupee opens little changed at 68.65 a dollar, bond yields fall

Rupee opens little changed at 68.65 a dollar, bond yields fall

Rupee opens little changed at 68.65 a dollar, bond yields fall
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By Aastha Agnihotri  Jul 9, 2019 9:11:09 AM IST (Published)

The rupee opened little changed against the US dollar on Tuesday, as traders held off on making big bets ahead of the US Federal Reserve chairman’s testimony to Congress later this week.

The rupee opened little changed against the US dollar on Tuesday, as traders held off on making big bets ahead of the US Federal Reserve chairman’s testimony to Congress later this week.

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Investors sentiment was subdued on concerns that increased surcharge on super-rich could affect foreign funds investing in India, which could lead to flight of foreign funds from the domestic markets, currency traders said.
At 09:10 AM, the rupee was trading at 68.69 a dollar, down 3 paise from its Monday’s close of 68.66. The home currency opened at 68.65 and touched a high and a low of 68.61 and 68.70 a dollar, respectively.
In the currency market, the dollar traded near a three-week high against its peers, as investors reduced bets on aggressive US interest rate cuts.
The dollar index versus a basket of six major currencies was little changed at 97.374 on Tuesday, which was close to a three-week high of 97.443 hit on Friday.
US Federal Reserve chief Jerome Powell’s comments in two-day testimony to Congress beginning on Wednesday will be closely watched to determine whether traders will continue to pare bets for deep interest rate cuts, which could help the dollar continue its rebound against major currencies, reported Reuters.
In commodity markets, oil prices declined after the latest signs that international trade disputes have been dragging on the global economy.
Brent crude futures were down 21 cents, or 0.3 percent, at $63.90 a barrel by 0022 GMT. They fell 12 cents on Monday.
Foreign institutional investors pulled out Rs 401.99 crore Monday, hitting the rupee sentiment.
In debt markets, the yields on the 10-year government bonds were down 0.1 percent to 6.56 percent from its previous close of 6.56 percent. Bond yields and prices move in opposite directions.
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