Rupee weakens against US dollar in opening trade

Rupee weakens against US dollar in opening trade

The Indian rupee weakened marginally against the US dollar in opening trade, ahead of the key gross domestic product (GDP) and fiscal deficit data due later on Tuesday.

The local currency opened at 66.75 a dollar., the home currency was trading at 66.78, down 0.10% from its Monday’s close of 66.71.

Sensex index rose 0.17% or 48.46 points to 28,853.33. So far this year, it has risen 8.2%.

Most Asian currencies were trading lower. Thai baht was down 0.19%, Malaysian ringgit 0.15%, Taiwan dollar 0.06%. However, Japanese yen was up 0.12%, South Korean won 0.08%, China Offshore 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.17, up 0.04% from its previous close of 101.13.

Traders are cautious ahead of the US President Donald Trump’s first address to the US Congress on Tuesday.

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Rupee steady at 66.74 vs USD in late Morning Deals

Rupee steady at 66.74 vs USD in late Morning Deals

 

 The Rupee pared its initial losses to rule stable at 66.74 against the American currency in late morning deals on bouts of dollar selling by banks and exporters amid bearish dollar overseas as well as higher domestic equities.

The rupee opened lower at 66.79 per dollar from last yesterday's closing level of 66.74 at the Inter-bank Foreign Exchange (Forex) market.

The domestic unit hovered in a range of 66.80 and 66.7350 in the morning deals before quoting stable at 66.74 at 1030 hrs. Meanwhile, the dollar index was trading down 0.08 percent at 95.70 against a basket of six currencies in early trade.

Overseas, the US dollar hovered near three-week lows against its major rivals in early Asian trade after soft US economic data undermined the case for an early Federal Reserve rate hike while the Australian dollar braced for the probability of a policy easing later in the day.

Meanwhile, the benchmark BSE Sensex was trading higher by 109.90 points or 0.39 percent to 28,113.02 at 1045 hrs.

 

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