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    Rupee opens tad lower at 71.16 a dollar, bond yields rise

    Rupee opens tad lower at 71.16 a dollar, bond yields rise

    Rupee opens tad lower at 71.16 a dollar, bond yields rise
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    By Aastha Agnihotri   IST (Published)

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    The rupee opened marginally lower against the US dollar on Monday on the back of the strength in the American unit.

    The rupee opened marginally lower against the US dollar on Monday on the back of the strength in the American unit.
    At 09:05 AM, the rupee was trading at 71.09 a dollar up 5 paise from its Friday’s close of 71.14. The home currency opened at 71.16 and touched a high and a low of 71.09 and 71.20 a dollar, respectively.
    In the currency market, the dollar edged higher against the safe-haven currencies such as the yen and Swiss franc were, as expectations policymakers would unleash new stimulus eased immediate concerns about a slowing global economy.
    However, investor optimism is likely to be capped ahead of a US decision due later on Monday on whether to continue to allow China’s Huawei Technologies to buy supplies from American companies, reported Reuters.
    The dollar index, which measures the greenback against six major currencies, was marginally higher in Asia at 98.192, close to a two-week high of 98.339 reached on Friday.
    In commodity markets, oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists.
    Prices rose after the drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday added to Middle East tensions.
    Brent crude was up 45 cents, or 0.8 percent, at $59.09 a barrel.
    Foreign institutional investors (FIIs) remained net buyers in the capital markets, pulling out Rs 1,339 crore on Friday, according to provisional data.
    In debt markets, the yields on the 10-year government bonds were up 0.15 percent to 6.56 percent from its previous close of 6.55 percent. Bond yields and prices move in opposite directions.
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