Published on 9/07/2019 9:54:04 AM | Source: IANS

Rupee opens flat against US dollar

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The Indian rupee on Tuesday was little changed against the US dollar as markets await the Federal Reserve Chairman Jerome Powell’s congressional testimony for clues to the central bank’s policy stance.

Having opened at 68.64 a dollar, the Indian unit, at 9:03 am, was at 68.70 a dollar, down 0.03% from its previous close of 68.66.

The dollar has received a boost from strong US jobs data, released on Friday, which softened expectation of a large interest cut by the Fed at its monetary policy review meeting later this month and also triggered a rebound in Treasury yields

Back home, the 10-year bond yield was at 6.551% compared with Monday's close of 6.566%.

In pre-trade, the benchmark Sensex Index was up 0.24% at 38813.72 points. So far this year, the index has risen 7.35%.

So far this year, the rupee has risen 1.6% against the greenback. During the period, foreign investors bought $10.97 billion in Indian equities and $1.91 billion in the debt market.

Other Asian currencies traded lower. Indonesian rupiah was down 0.17%, Hong Kong Dollar fell 0.13%, Japanese yen 0.12%, Singapore dollar 0.06%, Malaysian ringgit and Philippines peso were down 0.05% each. However, South Korean won was up 0.16%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.411, up 0.03% from its previous close of 97.384.