India Rupee Little Changed; Moody’s Downgrade Factored In

India Rupee Little Changed; Moody’s Downgrade Factored In

02 Jun 2020 01:18 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was little changed at 75.55/75.56 to the dollar against 75.54/75.55 in the previous session, as the downgrade by Moody’ Investors Service of the country’s long-term credit rating was largely on expected lines.
  • The benchmark 6.45% bond maturing in 2029 was at 102.97 rupees, yielding 6.03%, against 102.87 rupees and 6.04% yield at the previous close, on value purchases as investors shrugged off the credit rating downgrade by Moody's.

Indian Equities

  • The S&P BSE Sensex was up 476 points at 33,780 levels, and the Nifty50 index reclaimed the 9,900 level and was hovering around 9,950 levels.
  • Bajaj Finance and Kotak Mahindra Bank (both up 4 per cent) were the top Sensex gainers, followed by Mahindra & Mahindra and Bajaj Finance (both up 3 per cent each).

Global Markets

  • Japan's Nikkei rose 1.17% to its highest since late February and markets in Seoul, Taipei and Hong Kong also gained.
  • European stocks were headed for a strong start with the pan-region EUROSTOXX 50 futures up 0.71%, FTSE futures gaining 0.52% and German DAX futures up 0.59% in afternoon trade.
  • The yield on benchmark 10-year U.S. Treasuries gained about 2 basis point to 0.6640%.
  • Brent futures rose 1.12% a barrel to $38.75 and U.S. crude was up 0.85% at $35.74 a barrel.