Rupee Closed Higher Tracking Gains In Local Equities

Rupee Closed Higher Tracking Gains In Local Equities

21 May 2020 04:51 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.6050/75.6150 to the dollar at 2:00 p.m. against 75.7925/75.8025 in the previous session, tracking gains in local equities, while mounting tensions between U.S. and China continued to dominate the broader market.
  • The benchmark 6.45% bond maturing in 2029 ended at 102.94 rupees, yielding 6.03%, against 102.89 rupees and 6.04% yield at the previous close, as investors awaited a debt auction tomorrow amid hopes that central bank will announce open market bond purchases.

Indian Equities

  • The Sensex ended 114 points or 0.37 per cent higher at 30,932.90 and Nifty 50 index advanced 0.44 per cent or 40 points to close at 9,106.25.
  • Seven of 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Auto index's 2.6 per cent gain. Nifty FMCG, Media and Metal indexes also rose around 2 per cent each.

Global Markets

  • Asian markets finished lower today with shares in China leading the region. The Shanghai Composite is down 0.55% while Hong Kong's Hang Seng is off 0.55% and Japan's Nikkei 225 is lower by 0.21%.
  • European markets are broadly lower today with shares in Germany off the most. The DAX is down 1.35% while France's CAC 40 is off 1.02% and London's FTSE 100 is lower by 0.89%.
  • U.S. weekly jobless claims are seen coming in later at a seasonally adjusted 2.4 million, according to a Reuters survey of economists - high but well off the record 6.867 million seen at the end of March.
  • U.S. crude rose 1.9% to $34.09 a barrel and Brent jumped 1.8% to $36.39 per barrel. Both are now at the highest since early March on hopes that demand for fuel will see a robust global pick up.