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The Indian unit had opened at 70.80.
The Indian unit had opened at 70.80.

Rupee falls against dollar after US-China trade deal

  • Rupee closes at 70.94 a dollar, down 0.17% from Wednesday's close of 70.82
  • Yield on the 10-year bond closes at 6.603% compared with its previous close of 6.627%

MUMBAI : Indian rupee weakened against the US dollar on Thursday after the US and China signed a trade deal that included China’s commitment to refrain from devaluing the yuan.

Rupee closed at 70.94 a dollar, down 0.17% from Wednesday's close of 70.82. The Indian unit had opened at 70.80.

Year-to-date, the rupee gained 0.63%, while foreign investors have bought nearly $342.36 million in Indian equities and sold $1.16 billion in debt.

Yield on the 10-year government bond closed at 6.603% compared with its previous close of 6.627%.

Benchmark equity index Sensex rose 0.14%, or 59.83 points, to close at 41,932.56 points. Year-to-date, the index has gained 1.65%.

Asian currencies closed lower. South Korean won lost 0.38%, Thai baht 0.24%, Philippines peso 0.18%, Japanese yen 0.06% and Hong Kong dollar 0.03%. However, Indonesian rupiah gained 0.38%, Malaysian ringgit 0.29%, China renminbi 0.17%, China offshore rose 0.14%, Singapore dollar 0.15% and Taiwan dollar 0.003%.

The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 97.168, down 0.06% from its previous close of 97.229.

(Bloomberg contributed this story.)

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