Indian Rupee hits 20-month high, trades past 64 against USD

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Indian Rupee, Dollar, Money Maker ResearchThe Indian rupee on TODAY, 26 April 2017, strengthened past the 64 mark versus the US dollar, tracking global equity gains. The domestic currency opened at 64.16 per dollar and hit a high of 63.96, a point last seen on 10 August 2015. At 9.30 am, the rupee was trading at 63.97 a dollar, up 0.40% from its last close of 64.28.

So far the current year, the rupee has gained 5.68%, while FPIs have bought USD 6.49 billion in local equity markets and USD 7.45 billion in debt markets. However, traders are cautious ahead of the White House tax plan details , set to be announced today. The ten-year bond yield was trading at 6.943 percent, versus to its previous close of 6.942 percent. Bond yields together with prices are moving in opposite directions.

Asian currencies were trading at higher level. The dollar index, which guages the US currency weight against major currencies, was trading at 98.78, up 0.01% from its latest close of 98.785.

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