Indian Rupee Traded Higher Amid Dollar Sales By Exporters

Indian Rupee Traded Higher Amid Dollar Sales By Exporters

23 Feb 2021 01:08 PM

Financial Market Overview

Indian Rupee

  • Indian rupee traded higher at 72.38/72.39 compared to 72.5050/72.5150 in the previous session, amid dollar sales by speculators and exporters ahead of Federal Reserve Chair Jerome Powell’s testimony later today.
  • The benchmark 5.85% bond maturing in 2030 traded higher at 97.69 rupees, yielding 6.17%, compared to 97.44 rupees, yielding 6.20% at previous close, on value buying after the recent rally. Expectation of better demand at weekly auction and prospects of more OMOs after the hike in banks’ cash reserve ratio also supported.

Indian Equities

  • The benchmark BSE Sensex and the NSE index rose 0.22% and 0.33%, respectively, supported by gains in Reliance Industries after its announcement that a process to carve out its oil-to-chemicals business into an independent subsidiary is expected to be completed by the second quarter of the next financial year.
  • Reliance Industries, Larsen & Toubro and Tata Consultancy Services were among the top gainers.

Global Markets

  • Asian markets rebounded from two-week lows as increasing commodity prices supported hopes of an improved growth outlook. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4% to 726.6, Hong Kong rose 1%, Shanghai Composite Index was little changed whereas the Japanese markets were closed for a public holiday.
  • Europe's Eurostoxx 50 futures and Germany's DAX futures rose 0.2%, while London's FTSE futures were up 0.3%.
  • On Wall Street, the S&P 500 was down 0.8% to 3,876.50, the Dow Jones Industrial Average gained 0.1% to 31,521.69 while the Nasdaq lost 2.5% to 13,533.05.
  • Brent crude was up 1.1% to $66.4, while the U.S. benchmark crude rose 76 cents to $62.46 a barrel