Indian Rupee Trading Higher Tracking Upbeat Local Shares

Indian Rupee Trading Higher Tracking Upbeat Local Shares

15 Jul 2020 01:18 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.3000/75.3100 to the dollar against 75.4150/75.4250 in the previous session, tracking upbeat local shares as optimism about a coronavirus vaccine bolstered risk appetite in the region.
  • The benchmark 5.79% bond maturing in 2030 was at 99.75 rupees, yielding 5.82%, against 99.73 rupees and a 5.83% yield at the previous close, as market participants awaited fresh triggers.

Indian Equities

  • The NSE Nifty index and the S&P BSE Sensex were up around 1.75% at 10,791.55 and 1.83% at 36,690.16, respectively.
  • India's most valuable stock Reliance Industries rose about 1.3% ahead of an annual general meeting due later in the day after Bloomberg reported on Tuesday that Alphabet Inc's Google was in advanced talks to invest $4 billion in the digital arm of the conglomerate.

Global Markets

  • MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.8%, not far from a recent five-month peak. Chinese shares sold off, with the blue-chip CSI300 index flat and Shanghai's SSEC off 0.3%. Japan's Nikkei remained upbeat though and was up 1.6%.
  • The signal for European markets was strong with futures for eurostoxx 50 up 1.3% while those for Germany's DAX added 1.3% and futures for London's FTSE climbed 1%.
  • E-mini futures for the S&P 500 gave back some of their gains but were still up 0.8%.
  • Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories. Brent crude futures were up 24 cents at $43.14 a barrel, and U.S. crude futures rose 22 cents to $40.50 a barrel.