India Rupee Extends Fall On Private Banks’ Dollar Bids; Shares Eyed

India Rupee Extends Fall On Private Banks’ Dollar Bids; Shares Eyed

07 Jul 2020 01:25 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee extended its fall against the dollar and was at 74.86/74.87 against 74.67/74.68 in the previous session, weighed down by continuous dollar purchases by private banks and weak local shares.
  • The benchmark 5.79% bond maturing in 2030 was at 99.74 rupees, yielding 5.82%, against 99.65 rupees and 5.84% yield at the previous close, amid bets of strong bidding interest at the state debt sale today.

Indian Equities

  • The S&P BSE Sensex, was down 3.24 or 0.01% at 36,484.16. The Nifty 50 index was slipped 9.45 points or 0.09% at 10,754.55.
  • In the broader market, the S&P BSE Mid-Cap index was up 0.07% while the S&P BSE Small-Cap index was up 0.27%.

Global Markets

  • Japan's Nikkei gave up 0.7% while U.S. stock futures shed 0.25% in Asia after hefty gains on Monday in the wake of surging Chinese shares. In China, Shanghai's blue chip CSI300 index and Shenzhen shares, which had gained more than 13% in the past five sessions, rose a further 1.5%.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.95% while France's CAC 40 is off 0.87% and London's FTSE 100 is lower by 0.82%.
  • A sharp rebound in U.S. services industry activity in June, almost returning to pre-pandemic levels, also helped to whet investors' risk appetite.
  • Brent crude lost 0.51% to $42.88 per barrel, while U.S. West Texas Intermediate crude fell 0.59% to $40.39.