Indian Rupee Closed Stronger Supported By Dollar Inflows

Indian Rupee Closed Stronger Supported By Dollar Inflows

22 Feb 2021 04:55 PM

Financial Market Overview

Indian Rupee

  • Indian rupee closed stronger at its highest level in a year at 72.5050/72.5150 compared to 72.6500/72.6600 in the previous session, supported by corporate dollar inflows as well as reduced intervention from the RBI.
  • The benchmark 5.85% bond maturing in 2030 closed lower at 97.44 rupees, yielding 6.20%, compared to 97.94 rupees, yielding 6.13% yield at previous close, as lack of buying support from the RBI hurt investor sentiment, while market now anticipates minutes of the MPC’s February meeting.

Indian Equities

  • The benchmark BSE Sensex and the NSE index posted their biggest single session losses in two months and closed 2.25% and 2.04% lower, respectively, as investors continued to book profits.
  • Reliance Industries, HDFC, TCS and Infosys were among the top losers.

Global Markets

  • Asian markets closed mixed. Nikkei 225 gained 0.46%, while the Shanghai Composite led the Hang Seng lower. They fell 1.45% and 1.05% respectively.
  • The pan-European STOXX 600 index fell 1%, Germany's DAX and France's CAC 40 fell 1% each, while Britain's FTSE 100 lost 0.85%
  • On the Wall Street, S&P 500 futures declined 0.7%, Nasdaq-100 futures fell 1.3%, and Dow Jones Industrial Average futures slid 0.6% lower.
  • Brent crude futures were up 0.7% at $63.33 a barrel while U.S. crude added 0.7% to $59.65.