Rupee Came Off Lows On Persistent Greenback Sales By Foreign Banks

Rupee Came Off Lows On Persistent Greenback Sales By Foreign Banks

28 May 2020 02:01 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee came off lows and was at 75.74/75.75 to the U.S. currency, against 75.7150/75.7250 in the previous session, as persistent greenback sales by foreign banks amid likely dollar inflows, trimmed early losses due to a broad decline in regional currencies.
  • The benchmark 6.45% bond maturing in 2029 was at 103.30 rupees, yielding 5.98%, against 103.29 rupees at the previous close, amid lack of fresh triggers and as traders continued to await the announcement of open market operations by the central bank.

Indian Equities

  • The Sensex was up 420 points or 1.33 per cent at 32,024.88 and the nifty was at 9,446, up 1.41per cent or 131 points.
  • Buying in HDFC Bank, HDFC, ICICI Bank, Axis Bank and Kotak Mahindra Bank contributed over 300 points towards gain in the Sensex.

Global Markets

  • Shares in Hong Kong skidded 1.75%. Stocks in China fell 0.55%.
  • Euro Stoxx 50 futures up 1.22%, German DAX futures rising 1.3% and FTSE futures climbing 1.34%.
  • Yields on 10-year U.S. Treasuries rose slightly to 0.6966%. Although 10-year yields are up from an all-time low of 0.4980% struck in March, they are still a whopping 120 basis points below highs seen in January.
  • U.S. crude futures fell 3.2% to $31.76 a barrel, while Brent crude fell 1.73% to $34.14 per barrel as investors fretted about Trump's response to China.