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This article is more than 2 year old.

Rupee opens lower at 71.16 a dollar, bond yields rise

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The rupee opened lower against the US dollar on Tuesday, tracking weakness in the other emerging market currencies.

Rupee opens lower at 71.16 a dollar, bond yields rise
The rupee opened lower against the US dollar on Tuesday, tracking weakness in the other emerging market currencies.
At 09:10 AM, the rupee was trading at 71.06 a dollar, down 28 paise from its Friday’s close of 70.78. The home currency opened at 71.16 and touched a high and a low of 71.05 and 71.18 a dollar, respectively.
Indian financial and money markets were shut on Monday for a public holiday.
In the currency market, the dollar took a step back against the yen, as unrest in Hong Kong and gyrations in Argentina’s markets heightened investor risk aversion.
The yen traded at 105.400 per dollar after brushing 105.050 overnight, its strongest since Jan. 3.
The yen has been on a solid footing this month, supported by factors such as US-China trade tensions and the prospect of further monetary easing by the US Federal Reserve.
Forex traders said the trigger for the rupee going forward would be inflation data, any spurt on US-China trade war and geopolitical tensions between India-Pakistan.
In commodity markets, oil prices edged lower on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook.
International benchmark Brent crude futures were down 11 cents or 0.2 percent, from the previous settlement, to $58.46 a barrel by 0108 GMT.
Foreign institutional investors (FIIs) turned net buyers in the capital markets, putting in Rs 203 crore on Friday, provisional data showed.
In debt markets, the yields on the 10-year government bonds were up 0.22 percent to 6.51 percent from its previous close of 6.50 percent. Bond yields and prices move in opposite directions.
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