India Rupee Closed Lower As Yuan Falls On Rising US-China Tensions

India Rupee Closed Lower As Yuan Falls On Rising US-China Tensions

27 May 2020 04:40 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.7150/75.7250 to the dollar at 2:00 p.m., against 75.66/75.67 in the previous session, tracking weakness in the Chinese yuan amid increasing U.S.-China tensions over Hong Kong.
  • The benchmark 6.45% bond maturing in 2029 ended at 103.29 rupees, yielding 5.98%, against 103.36 rupees and 5.97% yield at the previous close, as traders awaited the central bank’s bond purchase plan.

Indian Equities

  • The Sensex ended 3.25 per cent or 995.92 points higher at 31,605.22 and the Nifty 50 index rallied 3.17 per cent or 285.90 points to close at 9,314.95.
  • Surge in HDFC Bank, ICICI Bank, HDFC, Axis Bank and Kotak Mahindra Bank collectively contributed over 600 points towards gain in the Sensex.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.70%, while the Hang Seng led the Shanghai Composite lower. They fell 0.36% and 0.34% respectively.
  • European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 2.02% while Germany's DAX is up 1.86% and London's FTSE 100 is up 1.53%.
  • U.S. Treasury yields rose, with ten-year yields at 0.687%, up about 4 basis points from Tuesday.
  • Brent crude futures dropped 1.5%, to $35.62. U.S. West Texas Intermediate crude futures were down 1.6%, at $33.79 a barrel.