Indian Rupee Gave Up Losses, Aided By Foreign Banks' Dollar Sales

Indian Rupee Gave Up Losses, Aided By Foreign Banks' Dollar Sales

12 Apr 2021 01:28 PM

Financial Market Overview

Indian Rupee

  • Indian rupee gave up losses and traded at 74.89/74.90 compared to 74.7350/74.7450 in the previous session, as foreign banks’ dollar sales offset impact of selloff in Indian equities. The pair fell to its lowest level since 4 Aug at 75.14.
  • The benchmark 5.85% bond maturing in 2030 was trading higher at 98.85 rupees, yielding 6.01%, compared to 98.78 rupees and 6.02% yield at the previous close, as market participants await March retail inflation data.

Indian Equities

  • The benchmark BSE Sensex fell 3.26%and the NSE index was down by 3.30% amid fears of stricter lockdowns and foreign outflows due to surging coronavirus cases.
  • ICICI Bank, Reliance Industries and HDFC Bank were among the top losers.

Global Markets

  • Asian markets were trading lower. Nikkei 225 in Tokyo lost 0.8% to 29,538.73, Hong Kong’s Hang Seng index fell 1% to 28,411.50 and the Shanghai Composite index dropped 1.1% to 3,407.34.
  • European markets are trading mixed. Germany’s DAX is up by 0.21% and France’s CAC is up by 0.06% while FTSE fell by 0.83%.
  • On the Wall Street, the S&P 500 rose 0.8% to 4,128.80, the Dow gained 0.9% to 33,800.60, while the Nasdaq composite rose 0.5%, to 13,900.19.
  • US benchmark crude oil shed 22 cents to $59.10 per barrel while the Brent crude gave up 25 cents to $62.70 per barrel.