Indian Rupee Traded Weaker After Recent Upward Rally

Indian Rupee Traded Weaker After Recent Upward Rally

22 Jan 2021 01:13 PM

Financial Market Overview

Indian Rupee

  • Indian rupee was trading lower at 73.04/73.05 compared to 72.99/73.00 in the previous session, tracking declining Asian peers and equities following recent rally.
  • The benchmark 5.77% bond maturing in 2030 was trading slightly lower at 98.60 rupees, yielding 5.96%, compared to 98.65 rupees and 5.96% yield at previous close, as traders anticipated the result of the weekly debt sale for further cues.

Indian Equities

  • The benchmark BSE Sensex was lower at 0.71% and the NSE index fell 0.69% on persistent profit booking and as Asian equities retreated from recent highs.
  • Reliance Industries led the losses, ahead of its October-December earnings today, while ICICI Bank and HDFC Bank also weighed.

Global Markets

  • Asian equities dipped from record highs as investors locked in gains after the recent rally. The Shanghai Composite Index fell 0.6% to 3,601.41 while the Nikkei 225 in Tokyo sank 0.3% to 28,682.66. The Hang Seng in Hong Kong fell 1.4% to 29,502.92.
  • European markets are set to open lower. Eurostoxx 50 futures fell 0.4% while Germany's Dax index futures slipped 0.3% and London's FTSE futures fell 0.2%.
  • On Wall Street, the S&P 500 index closed higher 0.1% at 3,853.07, the Dow Jones Industrial Average lost less than 0.1% to 31,176.01 while the Nasdaq composite climbed 0.6% to 13,530.91.
  • Brent and U.S. crude were each 73 cents lower at $55.37 and $52.40 per barrel respectively.