India Rupee Gains Most In 15 Months As Shares Gain, Dollar Index Falls

India Rupee Gains Most In 15 Months As Shares Gain, Dollar Index Falls

26 Mar 2020 05:24 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee posted its best day in 15 months against the greenback, as local equities strengthened following the announcement of a welfare package for some citizens and as the dollar index slipped for the fourth day.
  • The rupee was last quoted at 75.15 to the dollar compared with 75.88 at 5.00 pm on Mar. 24. The unit posted its biggest single session rise since Dec. 20, 2018. Indian money markets were closed yesterday for a local holiday.

Indian Equities

  • The Sensex ended 1,411 points or 5 per cent higher at 29,946.77 and the NSE Nifty 50 index climbed 3.89 per cent or 324 points to close at 8,641.
  • In Thursday's session, all the 11 sector gauges compiled by the National stock Exchange ended higher led by the Nifty Private Bank index's 8.3 per cent gain. Nifty Bank, Financial Services, FMCG, IT and Realty sector gauges also rose between 2-7 per cent each.

Global Markets

  • Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 4.51% while Hong Kong's Hang Seng is off 1.16% and China's Shanghai Composite is lower by 0.60%.
  • European markets are sharply lower today with shares in Germany off the most. The DAX is down 1.58% while London's FTSE 100 is off 1.51% and France's CAC 40 is lower by 1.43%.
  • The dollar lost 0.4% against a basket of six major currencies to 100.50 as its recent rally continued to lose steam.
  • Oil fell as fears of plunging demand outweighed expectations of support from the U.S. stimulus. Brent crude futures fell 3% to $26.55.