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Rupee opens lower at 69.20 a dollar; Lok Sabha elections in focus

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The rupee snapped 2-day rally and opened marginally lower against the greenback on Thursday amid caution ahead of the voting for the first phase of Lok Sabha elections starting today.

Rupee opens lower at 69.20 a dollar; Lok Sabha elections in focus
The rupee snapped 2-day rally and opened marginally lower against the greenback on Thursday amid caution ahead of the voting for the first phase of Lok Sabha elections starting today.
The 17th general elections will be held in seven phases as per the Election Commission. The counting will be held on May 23.
At 09:10 AM, the rupee was trading at 69.15 a dollar, down 4 paise from its Wednesday’s close of 69.11. The home currency opened at 69.20 and touched a high and a low of 69.14 and 69.21 a dollar, respectively.
The rupee has gained 56 paise against the US dollar in the last two straight sessions, helped by overseas inflows.
Globally, the dollar held near two-week lows on Thursday as Federal Reserve minutes reinforced dovish policy expectations. The dollar slipped to 110.95 yen, having fallen 0.68 percent so far this week.
The minutes from the Fed’s March 19-20 policy meeting confirmed the central bank is likely to leave interest rates unchanged this year, reported Reuters.
In commodity markets, oil prices fell after US crude stockpiles surged to their highest levels in almost 17 months.
International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 percent, from their last close.
Meanwhile, foreign investors remained net buyers in the capital markets, putting in Rs 1,429.92 crore Wednesday, provisional exchange data showed.
In debt markets, the yields on the 10-year government bonds were down 0.14 percent to 7.37 percent from its previous close of 7.38 percent. Bond yields and prices move in opposite directions.
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