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Business News/ Market / Stock-market-news/  Rupee closes flat against US dollar
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Rupee closes flat against US dollar

The rupee closed at 68.86 a dollar, down 0.01% from its previous close of 68.85

So far this year, the rupee has weakened 6.55%, while foreign investors have sold $999.80 million and $6.29 billion in equity and debt markets, respectively. Photo: ReutersPremium
So far this year, the rupee has weakened 6.55%, while foreign investors have sold $999.80 million and $6.29 billion in equity and debt markets, respectively. Photo: Reuters

Mumbai: The Indian rupee on Monday erased all the morning gains and closed little changed against US dollar tracking mixed Asian currencies. The rupee closed at 68.86 a dollar, down 0.01% from its previous close of 68.85. The currency opened at 68.77 a dollar and touched a high and a low of 68.66 and 68.86, respectively.

The 10-year bond yield ended at 7.807%, from its Friday’s close of 7.786%. Bond yields and prices move in opposite directions.

Benchmark Sensex Index rose 0.61% or 222.23 points to 36,718.60. Since January, it has gained 7%

So far this year, the rupee has weakened 6.55%, while foreign investors have sold $999.80 million and $6.29 billion in equity and debt markets, respectively.

The GST Council on Saturday cut tax rates on 88 items, including footwear, refrigerator, washing machine and small screen TV, while the widely demanded sanitary napkins have been exempted from the levy. Analysts expect that the move is likely to lower government’s revenue by as much as 15,000 crore each year.

Government has cut GST rates several time and the latest reduction comes before elections later this year in the states of Madhya Pradesh and Rajasthan.

The new GST rates are effective 27 July and the panel will meet again 4 August to discuss issues faced by small businesses.

Asian currencies were trading mixed on speculation the Bank of Japan may alter its policy. The US currency extended losses as President Donald Trump talked down the greenback Friday.

Japanese yen was up 0.28%, South Korean won 0.23%, Taiwan dollar 0.21%, Indonesian rupiah 0.09%. However, China Offshore was down 0.3%, Thai baht 0.3%, China renminbi 0.28%, Philippines peso 0.1%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.42, down 0.06% from its previous close of 94.476.

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Published: 23 Jul 2018, 09:45 AM IST
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