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Rupee trades flat against US dollar

The home currency opened at 65.25 and touched a low of 65.27 a dollar . At 11.15 am, the rupee was trading at 65.3, down 0.03% from its previous close of 65.18.

business Updated: Mar 01, 2018 11:24 IST
Ravindra N. Sonavane
Ravindra N. Sonavane
Livemint, Mumbai
Rupee,US dollar,forex
Year to date, the rupee weakened 2.1%, while foreign investors have bought $371.90 million and $1.32 billion in equity and debt markets, respectively.(Scott Eells/Bloomberg)

The Indian rupee was trading little changed against the US dollar on Thursday as traders avoided taking huge positions ahead of the long weekend.

Markets will remain closed on Friday due to Holi, ahead of the weekend.

The home currency opened at 65.25 and touched a low of 65.27 a dollar . At 11.15 am, the rupee was trading at 65.3, down 0.03% from its previous close of 65.18.

Yields on 10-year government bonds were at 7.697% compared to Wednesday’s close of 7.726%. Bond yields and prices move in opposite directions.

India’s gross domestic product (GDP) expanded 7.2% in December quarter—its fastest pace of growth in five quarters and above the 7% median estimate in a Bloomberg survey—helped by a sharp pick-up in the services sector and a rebound in agriculture and manufacturing, government data showed.

| Read: At 7.2% in Q3, Indian economy grows fastest in 5 quarters, now fastest in the world

“The growth data are a positive surprise and confirm a cyclical recovery, led by rising investment demand, but growth in private consumption demand is slowing. We find aspects of the sectoral data puzzling, especially the sharp pick-up in agriculture,” said brokerage firm Nomura in a note to its investors.

India’s benchmark Sensex index fell 0.01% or 3.15 points to 34,180.89. So far this year, Sensex has risen 0.5%.

Year to date, the rupee weakened 2.1%, while foreign investors have bought $371.90 million and $1.32 billion in equity and debt markets, respectively.

Asian currencies were trading lower. Malaysian ringgit was down 0.36%, Indonesian rupiah 0.29%, South Korean won 0.22%, China renminbi 0.16%, China offshore 0.14%, Thai baht 0.11% and Taiwan dollar fell 0.06%. However, Philippines peso was up 0.25%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 90.689, up 0.08% from its previous close of 90.613.

First Published: Mar 01, 2018 11:23 IST