homemarket Newscurrency NewsRupee opens lower at 69.08 a dollar, bond yields jump

Rupee opens lower at 69.08 a dollar, bond yields jump

Rupee opens lower at 69.08 a dollar, bond yields jump
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By Aastha Agnihotri  Jul 24, 2019 9:06:22 AM IST (Published)

The rupee opened lower against the US dollar on Friday, hurt by a stronger greenback and firm oil prices.

The rupee opened lower against the US dollar on Friday, hurt by a stronger greenback and firm oil prices.

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At 09:05 AM, the rupee was trading at 69.09 a dollar, down 15 paise from its Tuesday’s close of 68.94. The home currency opened at 69.08 and touched a high and a low of 68.07 and 69.10 a dollar, respectively.
In the currency market, the dollar hit two-month highs on the euro as investors wagered on a dovish outcome from the European Central Bank's coming policy meeting.
The ECB is thought likely to at least offer a nod to easier policy at its meeting on Thursday while the US central bank is widely expected to lower its interest rate target range of 2.25 percent-2.50 percent by 25 basis points at a meeting ending July 31.
The dollar nudged up on the yen to 108.23, but stayed confined within recent well-worn ranges. Against a basket of currencies, the dollar firmed to a five-week top at 97.742.
In commodity markets, oil prices firmed after the head of US Central Command said the United States may have taken down a second Iranian drone over the Strait of Hormuz last week, reported Reuters.
Brent crude futures firmed 31 cents to $64.14, while US crude rose 27 cents to $57.04 a barrel.
Foreign investors sold shares worth Rs 2,607.97 crore on a net basis on Tuesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.67 percent to 6.46 percent from its previous close of 6.42 percent. Bond yields and prices move in opposite directions.
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