Rupee hits 5-month high; up 38 paise to 69.35 per US dollar in early morning trade

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Published: January 7, 2019 9:53:11 AM

Rupee vs US dollar: The rupee had appreciated by 48 paise to close at 69.72 against the US dollar on Friday, ahead of the important non-farm payrolls number released later in the day.

New year cheer: Rupee rises 15 paise to 69.62 against US dollar in early trade (File)

Rupee vs US dollar: The Indian rupee jumped as much as 38 paise in the early morning trade against the US dollar on Monday, touching a five-month high, mainly on account of selling of the dollar by exporters and banks amid gains in domestic equities. The domestic unit opened higher by about 30 paise at 69.42 per US dollar from the Friday’s close 69.72 per US dollar.

The rupee had appreciated by 48 paise to close at 69.72 against the US dollar on Friday, ahead of the important non-farm payrolls number released later in the day. The US economy witnessed a job addition of 3,12,000 in the month of December compared to 1,76,000 in the previous month.

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At 9:41 AM (IST), the Indian currency was trading at 69.45 per US dollar, after touching an intraday high of 69.35 per US dollar and an intraday low of 69.47 per US dollar, according to data available with the Bloomberg website. On the other hand, the 10-year gilt yield was trading at 7.448% from its Friday’s close of 7.449%. Bond yields and prices move in opposite directions.

Last week, fed chairman Jerome Powell hinted that the central bank could pause interest-rate hikes if the US economy weakened. Wall Street rebounded on Friday to close at its highest in two weeks after a strong jobs report and assurances from Jerome Powell.

Meanwhile, the domestic stock markets–Sensex and Nifty– opened higher on Monday, tracking positive global cues. The Sensex is up about 300 points to 35,995.34, while the Nifty is trading above the 10,800-level.

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