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Rupee opens lower at 69.40 a dollar, bond yields fall

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The rupee snapped three-day rally and opened a tad lower against the greenback on Friday, as the US dollar held steady against global rivals.

Rupee opens lower at 69.40 a dollar, bond yields fall
The rupee snapped three-day rally and opened a tad lower against the greenback on Friday, as the US dollar held steady against global rivals.
At 09:10 AM, the rupee was trading at 69.37 a dollar, unchanged from its Thursday’s close of 69.37. The home currency opened at 69.40 and touched a high and a low of 69.34 and 69.42 a dollar, respectively.
Globally, the dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a US rate cut.
Against the yen, the dollar was idling at 111.46 having spent the entire week in a snug 111.03-111.89 range, as per Reuters data.
It was little changed on the week so far, which was no big surprise given the market has lacked liquidity with Japan and China on holiday.
The next major test for the dollar will be US payrolls on Friday where any surprise has the power to shift Fed rate expectations all over again.
In commodity markets, oil prices slipped, extending a steep fall from the previous session on surging US output.
International Brent crude oil futures were at $70.56 per barrel at 0127 GMT, down 19 cents, or 0.3 percent, from their last close.
Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 114 crore Tuesday, according to provisional exchange data.
In debt markets, the yields on the 10-year government bonds were down 0.20 percent to 7.37 percent from its previous close of 7.39 percent. Bond yields and prices move in opposite directions.
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