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Rupee weak as Saudi attack spurs demand for safe haven assets

The yield on the 10-year Indian government bond was at 6.708%, compared with its previous close of 6.714%. In the year so far, the rupee has weakened 2.8%, while foreign investors have bought nearly $6.79 billion in Indian equities and $4.65 billion in debt

  (News Agencies) The Indian rupee was weaker against the US dollar tracking emerging market currencies as the attack on Saudi Arabia’s oil facilities lifted demand for safe haven assets such as the greenback.
At 12.12 pm, the domestic currency was trading at 71.83 a dollar, down 0.32%, from Monday’s close of 71.60. The local currency opened at 71.83. The yield on the 10-year Indian government bond was at 6.708%, compared with its previous close of 6.714%.
The Sensex was down 0.88% at 36,796.71 points. So far this year, the index has risen 3%.
In the year so far, the rupee has weakened 2.8%, while foreign investors have bought nearly $6.79 billion in Indian equities and $4.65 billion in debt. Asian currencies were trading lower. South Korean won was down 0.6%, Indonesian rupiah fell 0.5%, Malaysian ringgit, China Offshore 0.3% and China renminbi declined 0.3% each, Philippines peso lost 0.2%, and Taiwan dollar, Thai Baht and Singapore dollar fell around 0.1% each,. The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 98.60, down marginally from its previous close of 98.61.
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