So far this year, the rupee fell 1.76%, while foreign investors have bought $2.10 billion and $400 million in equity and debt markets respectively.(Reuters File Photo)
So far this year, the rupee fell 1.76%, while foreign investors have bought $2.10 billion and $400 million in equity and debt markets respectively.(Reuters File Photo)

Rupee trades flat against US dollar

At 11.15 am, the rupee was trading at 65.00 against the US dollar, down 0.05% from Thursday’s close of 65.96.
Livemint, Mumbai | By Ravindra N. Sonavane
UPDATED ON APR 06, 2018 11:28 AM IST

The Indian rupee was trading little changed against US dollar on Friday in morning trade.

The rupee opened at 64.99 a dollar. At 11.15 am, the home currency was trading at 65.00 a dollar, down 0.05% from its Thursday’s close of 65.96.

| Read: Sensex, Nifty flat in trade as Trump threatens fresh tariffs

The 10-year bond yield was trading at 7.144% compared to its previous close of 7.127%. Bond yields and prices move in opposite directions.

On Thursday, the Reserve Bank of India’s (RBI) monetary policy committee (MPC) decided to keep repo rate at 6%. RBI also unexpectedly lowered its inflation forecast and projected consumer price index-based inflation at 4.5% for the fourth quarter of fiscal year 2017-18. For first half of fiscal year 2018-19, inflation expected to stay in the range of 4.7-5.1% and for second half at 4.4-4.5%.

Traders are cautious ahead of the March US payroll report, which is expected to show the lowest jobless rate in 17 years.

So far this year, the rupee fell 1.76%, while foreign investors have bought $2.10 billion and $400 million in equity and debt markets respectively.

Asian currencies were trading lower after US President Donald Trump said on Thursday that he ordered the US trade representative to consider $100 billion in additional tariffs on Chinese goods, ratcheting up the US-China trade war after his administration signalled it would be willing to negotiate.

South Korean won was down 0.43%, China renminbi 0.21%, China offshore 0.21%, Taiwan dollar 0.18%, Malaysian ringgit 0.14%, Indonesian rupiah 0.08%, Thai baht 0.08%. However, Japanese yen was up 0.19.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 90.345, down 0.13% from its previous close of 90.46.

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