Indian Rupee Closed Stronger On Speculative Dollar Sales

Indian Rupee Closed Stronger On Speculative Dollar Sales

23 Feb 2021 04:52 PM

Financial Market Overview

Indian Rupee

  • Indian rupee closed higher at 72.4550/72.4650 compared to 72.5050/72.5150 in the previous session, on speculative dollar sales and exporter’s hedging although, gains were capped by state-run banks' dollar purchases.
  • The benchmark 5.85% bond maturing in 2030 closed higher at at 97.65 rupees, yielding 6.17%, compared to 97.44 rupees, yielding 6.20% at previous close, assisted by value purchases and on anticipations of more open market purchases.

Indian Equities

  • The benchmark BSE Sensex closed flat, while the NSE index rose 0.22%, as traders remained watchful of stretched valuations, while gains in Reliance industries supported.
  • Reliance Industries and ICICI Bank were among the top gainers. Whereas, Kotak Mahindra Bank and HDFC Bank were the top losers.

Global Markets

  • Asian markets closed mixed. The Hang Seng rose 1.03% and the Nikkei 225 gained 0.46% while the Shanghai Composite lost 0.17%.
  • The pan-European Stoxx 600 fell 0.5%, London’s FTSE 100 b was broadly flat, while Germany’s DAX lost 0.8%.
  • On the Wall Street, S&P 500 fell 0.77%, while the Nasdaq lost 2.46% and Dow Jones gained 0.09%.
  • Brent crude rose 0.9% at $66.18 a barrel, while U.S. crude rose 1.2% to $62.45 a barrel.