India Rupee Closed Lower This Month On Looming US-China Discord

India Rupee Closed Lower This Month On Looming US-China Discord

29 May 2020 04:28 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.6150/75.6250 to the dollar, against 75.7450/75.7550 in the previous session, boosted by anticipated greenback inflows and weak dollar index. Broad market awaits Trump’s press conference on China later today for further cues. The unit gained 0.4% against the dollar this week, its first gain in four weeks, but declined 0.7% in May.
  • The benchmark 6.45% bond maturing in 2029 ended at 103.08 rupees, yielding 6.01%, against 103.25 rupees, yielding 5.99% at the previous close, as fears of additional borrowing rose after a finance ministry official said all options were open for more stimulus measures to boost the economy. The yield fell for a fourth consecutive month and declined 10 basis points in May.

Indian Equities

  • Sensex recovered 600 points from day's low to end at 32,424 while Nifty 50 index settled at 9,580. During this week both Sensex and Nifty gained 6 per cent each
  • Sensex gainers were Bajaj-Auto, Sun Pharma, Nestle India, ITC, HDFC and HUL. While Axis Bank led the pack of losers on the index. Bharti Airtel, Infosys, TCS, Titan and RIL were among other laggards.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.22%, while the Hang Seng led the Nikkei 225 lower. They fell 0.74% and 0.18% respectively.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.98% while London's FTSE 100 is off 0.87% and France's CAC 40 is lower by 0.73%.
  • In bond markets, yields on benchmark 10-year U.S. Treasuries fell to 0.6656%, more than 100 basis points below where they began 2020.
  • Brent crude slipped 1.5% to $34.76 a barrel. U.S. crude fell 2.2% to $32.99 a barrel.