Indian Rupee Closed Higher Amid Focus On Decline In Dollar Index

Indian Rupee Closed Higher Amid Focus On Decline In Dollar Index

13 Jul 2020 04:45 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.19/75.20 to the dollar against 75.20/75.21 in the previous session, amid focus on decline in the dollar index on hopes that a likely strong earnings season in the U.S. and a slew of economic data releases this week will counter the coronavirus-induced downturn.
  • The benchmark 5.79% bond maturing in 2030 ended at 100.02 rupees, yielding 5.79%, against 100.21 rupees and a 5.76% yield at the previous close, on profit-booking after the recent rally, and ahead of the release of June inflation data later today.

Indian Equities

  • The S&P BSE Sensex ended at 36,693.69, up 99.36 points (0.27 per cent) while the broader Nifty settled at 10,802.70, up 34.65 points (0.32 per cent).
  • The top losers in trade today apart from HDFC Bank, were HDFC, Bajaj Finance, GAIL, and ICICI Bank. The top gainers from the Nifty were some of the Tech stocks like Tech Mahindra and HCL Tech.

Global Markets

  • MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.15 percent, having climbed sharply last week on the back of surging Chinese stocks, which added another 1 percent on Monday.
  • European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.99% while Germany's DAX is up 0.92% and France's CAC 40 is up 0.86%.
  • E-Mini futures for the S&P 500 ticked 0.5% higher despite record new cases of COVID-19 in the U.S. over the weekend, a divergence that shows no sign of stopping.
  • Oil prices eased in early trade, although that followed a sharp rise on Friday when the International Energy Agency (IEA) bumped up its 2020 demand forecast. Brent crude futures dipped 49 cents to $42.75 a barrel, while U.S. crude lost 52 cents to $40.03.