Indian rupee remains little changed in early trade

Most Asian currencies slipped, with the Indonesian rupiah down nearly 0.2% and leading losses

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Published: Tue 7 May 2024, 10:45 AM

Last updated: Tue 7 May 2024, 10:49 AM

The rupee opened at 83.4520 against the US dollar, a slight increase from the previous closing of 83.4875. The Indian rupee opened at 22.687 against the dirham, little changed from the previous 22.709.

Most Asian currencies slipped, with the Indonesian rupiah down nearly 0.2% and leading losses. The dollar index was up slightly at 105.2 while the 10-year US Treasury yield was steady near 4.50%.


Asian shares made 15-month highs on Tuesday on renewed confidence of U.S. interest rate cuts, while a weaker yen and a small dip in the Australian dollar kept the dollar steady.

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In Hong Kong the Hang Seng was set to snap a 10-day winning streak with a 0.9% loss, though markets in Taiwan and South Korea were all higher.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan's Nikkei rose 1.3%.

FTSE futures were up 1% pointing to a positive return from a market holiday. European futures rose 0.3% and S&P 500 futures were flat.

The mood was underpinned by last week's softer-than-expected U.S. jobs data and remarks from Federal Reserve Chair Jerome Powell reiterating that the next move in rates will be lower.

Inputs from Reuters

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