Rupee opens lower at 71.34 a dollar, bond yields fall

The rupee opened lower against the US dollar on Thursday on the back of strength in the greenback. At 09:06 AM, the rupee was trading at 71.32 a dollar, down 8 paise from its Wednesday’s close of 71.24. The home currency opened at 71.34 and touched a high and a low of 71.31 and 71.37 a dollar, respectively.

In the currency market, the dollar rallied after the US Federal Reserve cut rates by 25 basis points, as expected, but its chairman signaled a higher bar for future rate cuts.

The greenback touched a seven-week high of 108.47 against the Japanese yen JPY= and stood just below that in Asian morning trade.