India Rupee Ended 0.5% For The Week; RBI Cuts Repo Rate To Record Low

India Rupee Ended 0.5% For The Week; RBI Cuts Repo Rate To Record Low

27 Mar 2020 05:22 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 74.85 to the dollar at 5:00 p.m., up 0.5% for the week. Indian federal government bonds soared for the second consecutive week, after the country's Monetary Policy Committee slashed the repo rate to a record low, and the central bank conducted an open market purchase of bonds.
  • The benchmark 6.45% bond maturing in 2029 ended at 102.18 rupees, yielding 6.14% in Mumbai, against 101.60 rupees and a 6.22% yield at close yesterday. The note had jumped to a record high of 103.35 rupees, with the yield falling to 5.98%, its lowest since January 2009 earlier today.

Indian Equities

  • S&P BSE Sensex ended 131 points or 0.44 per cent down at 29,815, while the broader Nifty 50 index settled at 8,660, up 18 points or 0.22 per cent.
  • Nifty Bank ends higher- Most of the sectoral indices settled in a positive territory. Nifty Bank index gained 1.81 per cent led by Bandhan Bank, Federal Bank and Axis Bank. While Nifty Auto index settled 2.42 per cent lower dragged by losses in Hero MotoCorp, Bharat Forge and TVS Motor.

Global Markets

  • Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 3.88% while China's Shanghai Composite is up 0.26% and Hong Kong's Hang Seng is up 0.10%.
  • European markets are sharply lower today with shares in London off the most. The FTSE 100 is down 4.03% while France's CAC 40 is off 3.62% and Germany's DAX is lower by 2.54%.
  • E-Mini futures for the S&P 500 reversed course and fell 1.5% following three consecutive days of gains in the S&P 500 on Wall Street.
  • U.S. crude ticked up 0.66% to $22.74 a barrel, but Brent crude fell 1.29% to $26.