Rupee slips after opening gains, down 3 paise at 68.38 against dollar
The rupee wiped off its opening gains and was trading nearly 3 paise down at 68.38 in early trade on Friday on account of sustained foreign fund outflows coupled with buying of American currency by banks and importers. Meanwhile, weak opening of domestic equity markets further affected market sentiments.
The local currency opened the day at 6 paise higher at 68.28 against dollar. Benchmark equity index NSE Nifty opened 39.35 points, or 0.48 per cent, down at 8,153.55, while BSE Sensex opened 161.45 points, or 0.61 per cent, down at 26,398.47.
Rupee ended at one-week high of 68.35 against dollar on Thursday following robust macro-economic data even as crude prices jumped after the historic Opec deal.
Government bonds advanced for a second day on Thursday, as expectations the central bank may lower interest rates next week spurred demand. The benchmark 6.97 per cent bond maturing in 2026 ended at Rs 105.47 against Rs 105.24 on Wednesday. The benchmark 6.97 per cent 2026 bond yield slipped to 6.22 per cent from 6.25 per cent the previous day.
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