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    Rupee opens lower at 70.77 a dollar, bond yields drop

    Rupee opens lower at 70.77 a dollar, bond yields drop

    Rupee opens lower at 70.77 a dollar, bond yields drop
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    By Aastha Agnihotri   IST (Published)

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    The rupee opened lower against the greenback on Friday, as fears of an escalation in geopolitical tensions between India and Pakistan weighed on the domestic unit. A higher dollar and rising oil prices also pressured the local currency.

    The rupee opened lower against the greenback on Friday, as fears of an escalation in geopolitical tensions between India and Pakistan weighed on the domestic unit. A higher dollar and rising oil prices also pressured the local currency.
    At 09:10 AM, the rupee was trading at 70.80 a dollar, down 8 paise from its Thursday’s close of 70.72. The home currency opened at 70.77 and touched a high and a low of 70.71 and 70.81 a dollar, respectively.
    In a surprise announcement, Pakistan Prime Minister Imran Khan told a joint session of Parliament that IAF’s captured pilot Wing Commander Abhinandan Varthaman will be released on Friday as a gesture of peace.
    Globally, the dollar hovered near a 10-week high against the yen, thanks to a surge in Treasury yields after US gross domestic product data topped expectations.
    The dollar index against a basket of six major currencies stood at 96.222 after grinding out a 0.15 percent gain on Thursday, when it pulled back from a three-week trough of 95.824.
    In commodity markets, oil prices rose as markets tightened amid output cuts by producer club OPEC.
    International Brent crude futures were at $66.55 per barrel, up 24 cents, or 0.4 percent.
    Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 423 crore on a net basis Wednesday, as per provisional data.
    In debt markets, the yields on the 10-year government bonds down 0.9 percent to 7.41 percent from its previous close of 7.47 percent. Bond yields and prices move in opposite directions.
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