Indian Rupee Declined the most in 6 Years On Rate; Bond Performance Best In 17 Years

Indian Rupee Declined the most in 6 Years On Rate; Bond Performance Best In 17 Years

31 Mar 2020 05:33 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.66 to dollar at 5:00 p.m., and suffered its biggest financial-year decline against the dollar in six years. Most of these losses came in the final quarter due to the coronavirus outbreak and on growth concerns.
  • The benchmark 6.45% bond maturing in 2029 ended at 102.22 rupees, yielding 6.14%, in Mumbai against 101.71 rupees, yielding 6.21%, yesterday. The yield collapsed 121 basis points this financial year, after falling by a minuscule five basis points last year, but the drop was the largest since the financial year that ended in March 2003.

Indian Equities

  • S&P BSE Sensex today closed 3.62 per cent or 1,028.17 points higher at 29,468.49, while NSE Nifty rose 3.82 per cent or 316.65 points to close at 8,597.75.
  • Bajaj Finance, Bajaj Finserv, Zee Entertainment, Axis Bank, Tata Motors, Vedanta, Hindalco, JSW Steel and Mahindra & Mahindra plunged between 38-50 per cent each.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.42% and the Shanghai Composite rose 0.11%. The Nikkei 225 lost 0.88%.
  • European markets are mixed today. The FTSE 100 is up 0.68% while the DAX gains 0.28%. The CAC 40 is off 0.39%.
  • The dollar rose for a second day, although the gains were more controlled than those earlier this month that put severe stress on funding markets for the U.S. currency. The dollar, measured against a basket of currencies, strengthened 0.4% to 99.652.
  • U.S. crude climbed 5.6%, to $21.38 a barrel, after closing Monday's session at $20.09, its lowest since February 2002.