India Rupee Ended Lower On Exporter, Speculative Dollar Sales

India Rupee Ended Lower On Exporter, Speculative Dollar Sales

22 Oct 2020 04:59 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee snapped a three-day fall against the U.S. currency and was at 73.53/73.54 against 73.58/73.59 in the previous session, as dollar selling by exporters and speculators outweighed the impact of weak risk appetite in the region.
  • The benchmark 5.77% bond maturing in 2030 ended at 98.93 rupees, yielding 5.91%, against 98.95 rupees and 5.91% yield at the previous close, after the central bank successfully completed its first ever state debt purchase, while traders expect more open market purchases in the weeks ahead.

Indian Equities

  • The NSE Nifty 50 index closed down 0.35% at 11,896.45, while the S&P BSE Sensex ended 0.37% lower at 40,558.49, both snapping four straight sessions of gains.
  • The Nifty IT Index, which has gained 7.3% so far this month, ended the session 0.76% lower. Shares of Infosys Ltd ended the day 1.68% lower and was among the top drags.

Global Markets

  • MSCI's broadest index of Asia-Pacific shares outside Japan had slipped 0.3%, while the Nikkei closed 0.7% lower.
  • London’s main stock index FTSE100 fell as much as one per cent shortly after opening, to a five-month low. Germany’s Dax was 0.7 per cent lower and the European Stoxx 600 fell 0.6 per cent.
  • Futures tied to the S&P 500 index edged down 0.2%. Nasdaq 100 futures rose 0.2%, with Tesla and Align boosting that big-cap index.
  • U.S. West Texas Intermediate (WTI) crude futures hovered near $40 a barrel and Brent crude futures were 0.3% higher at $41.85.