Indian Rupee Gave Up Gains On Possible RBI Intervention

Indian Rupee Gave Up Gains On Possible RBI Intervention

10 May 2021 01:15 PM

Financial Market Overview

Indian Rupee

  • Indian rupee gave up gains and traded 73.39/73.40 compared to 73.51/73.52 in the previous session, as likely RBI intervention offset the impact of declining dollar.
  • The benchmark 5.85% bond maturing in 2030 was little changed at 98.82 rupees, yielding 6.01%, compared to 98.81 rupees and 6.02% yield at the previous close, as investors anticipated the details of RBI’s note purchase scheduled on May 20.

Indian Equities

  • The benchmark BSE Sensex and the NSE index were trading 0.7% and 0.81% higher, respectively, tracking Asian peers on hopes that the weak US jobs report will lead to the Fed maintaining their current pace of bond purchases for a longer period.
  • HDFC, ICICI Bank and Larsen & Toubro were among the top gainers.

Global Markets

  • Asian markets were trading mixed. Japan's Nikkei was higher by 0.56%, China's Shanghai Composite edged up by 0.09% while Hang Seng fell by 0.35%.
  • European markets are trading higher. Euro Stoxx 50 futures were up 0.42%, German DAX futures were up 0.32%, FTSE futures rose 0.37% and France’s CAC 40 was 0.1% higher.
  • On the Wall Street, Dow futures were up 0.25%, Nasdaq futures were up 0.15% and S&P 500 futures gained 0.20%.
  • US crude rose 0.51% to $65.23 a barrel while the Brent crude rose to 0.53% to $68.64 per barrel.