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Mumbai: The Indian rupee on Monday strengthened against the US dollar after local equity markets gained for the third consecutive session.

The rupee closed at 66.93, up 0.14% from its previous close of 67.02. The local currency opened at 67.08 a dollar and touched a high and a low of 66.90 and 67.10, respectively.

India’s benchmark Sensex index rose 0.68% or 192.83 points to closed at 28,661.58. So far this year, Sensex has risen 7.5%. Traders are focusing on results of the upcoming state elections on 11 March.

India’s 10-year bond yield ended at 6.903%—a level last seen on 8 September 2016, compared to its Friday’s close of 6.852%. Bond yields and prices move in opposite directions.

Since the beginning of this year, the rupee has gained 1.45%, while foreign institutional investors have bought $373.20 million and $567 million from local equity and debt markets, respectively.

Most Asian currencies were trading lower. Philippines peso was down 0.61%, Japanese yen 0.26%, China offshore 0.17%, China renminbi 0.17%, Indonesian rupiah 0.16%, Malaysian ringgit 0.13%, South Korean won 0.11%, Thai baht 0.07% and Taiwan dollar fell 0.06%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.84, down 0.12% from its previous close of 100.95.

On Wednesday, the US Federal Reserve will release the minutes from its 31 January -1 February Federal Open Market Committee (FOMC) meeting, which may include clues to the members’ views on the economic impact of President Donald Trump’s policies.

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