Indian Rupee Traded Higher As Dollar Index Continues To Decline

Indian Rupee Traded Higher As Dollar Index Continues To Decline

04 Dec 2020 01:20 PM

Financial Market Overview

Indian Rupee

  • Indian rupee traded higher at 73.77/73.78 compared to 73.90/ 73.91 in the previous session, trailing upbeat regional peers amid a declining dollar index.
  • The benchmark 5.77% bond maturing in 2030 traded higher at 99.01 rupees, yielding 5.90%, compared to 98.81 rupees, yielding 5.93%, at previous close, as RBI did not announce any step to remove excess banking system liquidity surplus, while the MPC kept key interest rates and policy stance unchanged.

Indian Equities

  • The benchmark BSE Sensex rose 0.48% and NSE index was up 0.44%. Both indices touched record highs as the Monetary Policy Committee said it would continue with its accommodative stance at least into the next financial year while also providing liquidity support to the economy.
  • ICICI Bank, Bharti Airtel and HDFC Bank were among the top gainers.

Global Markets

  • Asian equities soared and touched record highs on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy supported investor sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.78%, while Japan's Nikkei dipped 0.22% on profit-taking. In Hong Kong, the Hang Seng was up a few points, while China's Shanghai Composite was flat.
  • European markets were mixed with the FTSE 100 gaining 0.42%, while the DAX leading the CAC 40 lower. They fell 0.45% and 0.15% respectively.
  • On the Wall Street, Dow Jones index was up 85.73 points or 0.29 percent at 29,969.52. The Standard and Poor's 500 finished 2.29 points or 0.06 percent lower at 3,666.72. The Nasdaq Composite advanced 27.82 points or 0.23 percent to 12,377.18.
  • Brent crude was up to $49.92 per barrel, its highest price since early March and last stood at $49.67, up 2%.