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Mumbai: Indian rupee on Friday strengthened marginally against US dollar, tracking gains in its Asian peers after Federal Reserve Vice Chairman Richard Clarida became the latest policy maker to suggest the Fed may be nearing a pause in its tightening cycle.

At 9:15am, the currency was trading at 70.37 a dollar, up 0.07% from previous close of 70.41. The home currency opened at 70.41 a dollar and touched a high and a low of 70.35 and 70.41 respectively.

Yield on 7.17% of 2028 bond was trading at 7.45% from its Thursday’s close of 7.46%. Bond yields and prices move in opposite directions.

Dollar fell against all its Group-of-10 peers Friday after Clarida said the Fed should be ready to adjust policy if headwinds increase, affirming a stance taken by other officials including Chairman Jerome Powell.

The benchmark Sensex index rose 0.11% to 36251.99 points. Year to date, it is rose 0.11%.

So far this year, the rupee has declined 0.91%, while foreign investors have sold $194.50 million in equities and bought $7.8 million in the debt markets.

Asian currencies were trading higher. China Offshore was up 0.47%, China renminbi 0.42%, Japanese yen 0.1%, South Korean won 0.08%, Malaysian ringgit 0.06% and Singapore dollar 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 95.396, down 0.15% from its previous close of 95.539.

Published On : 11-01-2019

Source : Live Mint

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