India Rupee Trades Higher On IPO-Related Dollar Inflows, Oil Fall

India Rupee Trades Higher On IPO-Related Dollar Inflows, Oil Fall

27 Feb 2020 05:19 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was higher against the dollar as inflows ahead of the launch of an initial public offering next week and fall in oil prices outpaced worries over the rapid spread of the deadly coronavirus.
  • The rupee was quoted at 71.55 to the dollar at 5:00 p.m., against 71.66 yesterday.

Indian Equities

  • S&P BSE Sensex closed 143 points or 0.36 per cent lower at 39,746, while the Nifty 50 index settled at 11,633, down 45 points or 0.39 per cent
  • Sun Pharma, Titan, Axis Bank, and Asian Paint were the top index gainers. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices settled in the red. Nifty PSU Bank dropped over 2 percent weighed by PNB, Bank of Baroda and Indian Bank.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.52% and the Shanghai Composite rose 0.11%. The Nikkei 225 lost 2.13%.
  • European markets are sharply lower today with shares in Germany off the most. The DAX is down 2.54% while France's CAC 40 is off 2.35% and London's FTSE 100 is lower by 2.09%.
  • The yield on U.S. Treasuries, which falls when prices rise, dropped below 1.3% and the yield curve continued to send recession warnings.
  • Crude oil prices were lower for the fifth session, with the benchmark Brent crude oil contract trading 2.3% lower at $52.20 per barrel, and also falling to its lowest level in 14 months. The contract has lost more than 11% in the last five sessions.