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Rupee weakens to 72.37 against US dollar after two-day gains

Rupee weakens to 72.37 against US dollar after two-day gains

Rupee weakens to 72.37 against US dollar after two-day gains
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By Aastha Agnihotri  Sept 24, 2018 9:26:56 AM IST (Published)

Indian rupee opened lower against the US dollar on Monday, falling as much as 30 paise after two-day gains while bond yields were also a tad higher.

Indian rupee opened lower against the US dollar on Monday, falling as much as 30 paise after two-day gains while bond yields were also a tad higher.

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At 09:15 AM, the rupee was trading at 72.37 a dollar, down 17 paise, from its Friday’s close of 72.20. The home currency opened at 72.23 and touched a high and a low of 71.23 and 72.48 a dollar, respectively.
The rupee is the worst performing emerging market currency having lost almost 14 percent since January this year. Between April and September the rupee has plummeted more than 7 to the dollar and has breached the psychological 73 mark last week.
The government’s measures to support the rupee announced earlier this month were particularly underwhelming for market participants who have since increased bearish positioning on the currency.
Globally, risk appetite was lackluster after China cancelled upcoming tariff talks with the United States, signaling increased trade tensions between the world’s two biggest economies.
In debt markets, the yields on the 10-year government bonds edged up 0.05 percent to 8.08 percent after closing at 8.08 percent on Friday. Bond yields and prices move in opposite directions.
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