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Rupee gains 9 paise to 70.96 a dollar, bond yields fall

Rupee gains 9 paise to 70.96 a dollar, bond yields fall

Rupee gains 9 paise to 70.96 a dollar, bond yields fall
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By Aastha Agnihotri  Jan 16, 2019 9:23:06 AM IST (Published)

Indian rupee opened slightly higher against the greenback on Wednesday, on easing worries over fiscal deficit as oil prices dipped on increasing signs of a global economic slowdown.

Indian rupee opened slightly higher against the greenback on Wednesday, on easing worries over fiscal deficit as oil prices dipped on increasing signs of a global economic slowdown.

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At 09:10 AM, the rupee was trading at 70.96 a dollar, up 9 paise from its Tuesday’s close of 71.05. The home currency opened at 71.02 and touched a high and a low of 70.91 and 71.10 a dollar, respectively.
The Indian rupee Tuesday plunged by another 13 paise to close at one-month low of 71.05 against the US dollar amid strengthening greenback and surging crude oil prices.
The local currency edged higher today on account of steady US dollar and fall in crude oil prices.
The dollar was flat at 108.655 yen after advancing 0.5 percent against its Japanese peer overnight amid a further ebb in risk aversion with US stocks posting strong gains.
Oil prices dipped on Wednesday on increasing signs of a global economic slowdown, although OPEC-led supply cuts helped support Brent crude above $60 per barrel.
International Brent crude oil futures were at $60.46 per barrel at 0146 GMT, down 18 cents, or 0.3 percent from their last close.
Meanwhile, foreign funds bought shares worth Rs 159.60 crore from the capital markets on a net basis and domestic institutional investors purchased shares worth Rs 417.44 crore Tuesday, provisional data showed.
In debt markets, the yields on the 10-year government bonds down 0.12 percent to 7.24 percent from its previous close of 7.25 percent. Bond yields and prices move in opposite directions.
 
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