Indian Rupee Traded Lower On US Inflation Fears

Indian Rupee Traded Lower On US Inflation Fears

11 May 2021 01:16 PM

Financial Market Overview

Indian Rupee 

  • Indian rupee traded lower at 73.41/73.42 compared to 73.35/73.36 in the previous session, tracking Asian peers on US inflation worries.
  • The benchmark 5.85% bond maturing in 2030 was trading lower at 98.76 rupees, yielding 6.02%, compared to 98.82 rupees and 6.01% yield at the previous close, as traders anticipate the result of the state debt auction for fresh cues.

Indian Equities

  • The benchmark BSE Sensex and the NSE index were trading 0.70% and 0.68% lower, respectively, tracking Asian peers and US index futures on concerns over rising US inflation expectations.
  • HDFC, Kotak Mahindra Bank and Infosys were among the top losers.

Global Markets

  • Asian markets were trading lower. The Hang Seng index in Hong Kong fell 1.83% while the Shanghai Composite in China gained 0.19% and Japan’s Nikkei 225 fell 3.14%.
  • European markets are trading lower. Euro Stoxx 50 futures fell 1.7%, German DAX futures fell 1.77%, FTSE futures were down 1.96% and France’s CAC 40 was 1.73% lower.
  • On the Wall Street, Dow fell 0.1%, S&P 500 fell 1% and Nasdaq Composite dropped 2.6%.
  • US crude fell 0.63% to $64.51 a barrel while the Brent crude fell to $67.83 per barrel.