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Rupee opens strong at 70.06 a dollar, bond yields fall

Rupee opens strong at 70.06 a dollar, bond yields fall

Rupee opens strong at 70.06 a dollar, bond yields fall
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By Aastha Agnihotri  Dec 28, 2018 9:13:55 AM IST (Published)

Indian rupee gained 29 paise in opening trade on Friday, boosted by weakness in the US dollar as renewed US-China trade tensions prompted investors to load up on perceived safe-haven assets such as Japanese yen.

Indian rupee gained 29 paise in opening trade on Friday, boosted by weakness in the US dollar as renewed US-China trade tensions prompted investors to load up on perceived safe-haven assets such as Japanese yen.

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At 09:10 AM, the rupee was trading at 70.08 a dollar, up 27 paise from its Thursday’s close of 70.35. The home currency opened at 70.06 and touched a high and a low of 70.04 and 70.11 a dollar, respectively.
On Thursday, the rupee tumbled by 29 paise to 70.35 against US dollar amid strengthening of the greenback even as crude oil prices eased.
But the currency gained some ground today on the back of losses in the greenback. The dollar extended overnight losses and was down 0.2 percent at 110.74 yen. It was on track to lose more than 2 percent this month.
Oil prices remained choppy, with US crude futures up 2.5 percent at $45.73 per barrel after sliding 3.5 percent the previous day. Brent crude climbed 2 percent to $53.23 per barrel after losing more than 4 percent the previous day.
In debt markets, the yields on the 10-year government bonds fell 0.1 percent to 7.27 percent from its previous close of 7.28 percent. Bond yields and prices move in opposite directions.
 
 
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