Mumbai: The rupee on Monday erased most of the gains and closed little changed against the US dollar after local equity markets fell for second consecutive sessions.

The rupee closed at 64.14 a dollar, up 0.01% from its Friday’s close of 64.15. The rupee opened at 64.07 a dollar and touched a high and a low of 64.02 and 64.16 respectively.

The benchmark Sensex index fell 0.84% or 265.83 points to closed at 31,258.85. So far this year, it has risen over 17.1%.

The 10-year bond yield was at 6.51% against 6.513% from its previous close. Bond yields and prices move in opposite directions.

So far this year, the rupee gained 5.89%, while foreign institutional investors (FIIs) bought $7.94 billion and $18.91 billion in equity and debt markets, respectively.

Asian currencies were trading higher. South Korean won was up 0.21%, Japanese yen 0.18%, Thai Baht 0.11%, Malaysian ringgit 0.08%, Indonesian rupiah 0.06%, Philippines peso 0.05%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.478, up 0.04% from its previous close of 93.434.

Traders are cautious ahead of the speeches from Federal Reserve chair Janet Yellen and ECB President Mario Draghi at the Jackson Hole Symposium on 25 August and 26 August respectively.

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