Indian Rupee Closed Flat On Likely RBI Intervention

Indian Rupee Closed Flat On Likely RBI Intervention

09 Nov 2020 04:58 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee closed at 74.1650/74.1750 to dollar against 74.20/74.21 in the previous session, as continuous dollar purchases by state-run banks, likely on behalf of the Reserve Bank of India, subdued the impact of positive regional cues.
  • The benchmark 5.77% bond maturing in 2030 ended 0.04% lower at 99.20 rupees, yielding 5.88%, compared to 99.24 rupees and 5.87% yield at the previous close, as investors awaited fresh signals after weak demand at a debt sale on Friday.

Indian Equities

  • The benchmark BSE Sensex rose 1.68% to 42,645.33 and the NSE index closed 1.61% higher at 12,474.05, both record highs, tracking gains in Asian peers as victory for US President-elect Joe Biden improved appetite for risk assets.
  • Financials ICICI Bank and HDFC Bank were among the lead gainers also supported by Infosys.

Global Markets

  • Asian markets closed sharply higher today with shares in Japan leading the region. The Nikkei 225 was up 2.12% while China's Shanghai Composite was up 1.86% and Hong Kong's Hang Seng rose 1.18%. MSCI's broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018.
  • European stock markets are holding onto their early gains, with the Stoxx 600 index up 1.5% today. In London, the FTSE 100 was up 80 points or 1.4% at 5992 points - on track for its highest close in four weeks.
  • E-mini futures for the S&P 500 jumped more than 1.4% on Monday. Nasdaq futures rallied more than 2% to just under a record high, signalling a positive start for U.S. markets.
  • Oil prices jumped on Monday as investors greeted the prospect of a Biden victory, shrugging off worries about lackluster demand amid rising global coronavirus cases. Brent crude added nearly $1 to $40.35.