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Business News/ Market / Stock-market-news/  Rupee closes at 15-week high against US dollar
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Rupee closes at 15-week high against US dollar

The rupee closed at 66.71 a dollara level last seen on 10 November 2016, up 0.14% from its previous close of 66.83

The rupee opened at 66.72 a dollar and touched a high of 66.65, a level last seen on 10 November. Photo: MintPremium
The rupee opened at 66.72 a dollar and touched a high of 66.65, a level last seen on 10 November. Photo: Mint

Mumbai: The Indian rupee on Monday closed at a fresh 15-week high against the US dollar, ahead of the key gross domestic product and fiscal deficit data on Tuesday.

The home currency closed at 66.71—a level last seen on 10 November 2016, up 0.14% from its previous close of 66.83. The local currency opened at 66.72 and touched a high of 66.65, a level last seen on 10 November. So far this year, it has risen 9%.

Sensex index fell 0.28% or 80.09 points to closed at 28,812.88 points. So far this year it rose 8.21%.

GDP data will provide clues on how the economy has responded to the government decision to scrap Rs500 and Rs1,000 bank notes in November. Economists surveyed by Mint expected growth in GDP in the three months ended 31 December to be in the range of 5.5% to 6.5%.

The 10-year bond yield closed to 6.879% compared to its Thursday’s close of 6.916%. Bond yields and prices move in opposite directions.

So far this year, the rupee has gained 1.81%, while FIIs have bought $1.32 billion and $375.70 million from local equity and debt markets, respectively.

Most Asian currencies were trading lower. South Korean won was down 0.23%, Philippines peso 0.14%, Japanese yen 0.13%, Taiwan dollar 0.11%, Singapore dollar 0.1%, China Offshore 0.09%, Indonesian rupiah 0.08%. However, Thai Baht was up 0.05%, Malaysian ringgit 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.08, up 0.01% from its previous close of 101.09.

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

On Friday, markets were closed on account of Mahashivratri.

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Published: 27 Feb 2017, 09:25 AM IST
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