homemarket Newscurrency NewsRupee opens tad higher at 68.82 a dollar; Union Budget in focus

Rupee opens tad higher at 68.82 a dollar; Union Budget in focus

Rupee opens tad higher at 68.82 a dollar; Union Budget in focus
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By Aastha Agnihotri  Jul 4, 2019 9:13:16 AM IST (Published)

The rupee opened higher against the US dollar on Wednesday, in the run-up to the Union Budget due on Friday.

The rupee opened slightly higher against the US dollar on Wednesday, in the run-up to the Union Budget due on Friday.

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Market participants are keenly awaiting the Union Budget, to be unveiled on Friday, which will give further cues in terms of policy measures, analysts said.
At 09:10 AM, the rupee was trading at 68.86 a dollar, up 3 paise from its Wednesday’s close of 68.89. The home currency opened at 68.82 and touched a high and a low of 68.82 and 69.86 a dollar, respectively.
In the currency market, the dollar was flat against the yen amid expectations the US Federal Reserve will cut interest rates this month for the first time in a decade.
The dollar was little changed at 107.75 yen on Thursday, after touching a one-week low of 107.54 yen on Wednesday.
Investors are focused on US non-farm payrolls data due on Friday, which economists expect to have risen by 160,000 in June, compared with 75,000 in May.
In commodity markets, oil prices edged lower after data showed a smaller-than-expected decline in US crude stockpiles.
Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4 percent at $63.60 per barrel by 0112 GMT. Brent closed up 2.3 percent on Wednesday
Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 390.18 crore on Wednesday, as per provisional data.
In debt markets, the yields on the 10-year government bonds were down 0.16 percent to 6.83 percent from its previous close of 6.84 percent. Bond yields and prices move in opposite directions.
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