India Rupee Trades Higher On Corporate, IPO-Related Dollar Inflows

India Rupee Trades Higher On Corporate, IPO-Related Dollar Inflows

27 Feb 2020 01:24 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 71.58/71.59 per dollar, against 71.66/71.67 at 5.00 p.m. yesterday, on corporate dollar inflows and ahead of the launch of SBI Cards’ initial public offering next week.
  • The benchmark 6.45% bond maturing in 2029 was trading lower at 100.61 rupees, yielding 6.36%, against 100.73 rupees and 6.35% yield at the previous close, as traders booked profits after the note hit a record high.

Indian Equities

  • The S&P BSE Sensex, declined 364.80 points or 0.91% at 39,524.16. The Nifty 50 index tumbled 116.35 points or 1% at 11,562.15.
  • The market breadth was weak. On the BSE, 555 shares rose and 1583 shares fell. A total of 124 shares were unchanged. In the Nifty 50 index, 7 stocks advanced while 43 stocks declined.

Global Markets

  • Japan's Nikkei dropped 2% to a four-month low amid more worries that the Tokyo Olympic Games could be cancelled or shifted. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% and is down more than 4% for the week.
  • EUROSTOXX 50 futures down 2.10%, DAX futures down 2.12%, CAC 40 futures down 2.13%, FTSE futures down 1.64%, ITALY'S FTSE MIB futures down 2.06%, IBEX futures down 1.66%.
  • The 10-year U.S. yield dropped to a record low of around 1.3010%. The odds of the Federal Reserve cutting rates as early as next month rose to above 40%, while 81% expected a rate cut in April.
  • Crude oil prices were lower for the fifth session, with the benchmark Brent crude oil contract trading 1.1% lower at $52.82 per barrel, taking its weekly decline to about 10%.