Rupee Closed Lower Due To Heightened Dollar Demand By Private Banks

Rupee Closed Lower Due To Heightened Dollar Demand By Private Banks

09 Jul 2020 05:46 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 74.9950/75.0050 to dollar against 75.0150/75.0250 in the previous session as heightened demand for the greenback by private banks offset the impact of positive risk appetite in the region.
  • The benchmark 5.79% bond maturing in 2030 ended at 100.12 rupees, yielding 5.77%, lowest since Jun. 10, against 100.08 rupees and 5.78% yield at the previous close, as investors preferred to stay on the sidelines ahead of tomorrow’s weekly debt auction, and looked to the central bank for supportive steps to absorb excess supply.

Indian Equities

  • The Sensex rallied as much as 477 points and Nifty 50 index touched an intraday high of 10,836.85. With today's gains, the benchmarks rose to fresh four-month highs.
  • Hindalco was the top Nifty gainer, the stock rose 6.6 per cent to close at Rs 165.20. HDFC, State Bank of India, Bajaj Finance, Tata Steel, GAIL India and Bajaj Finserv were also among the gainers.

Global Markets

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.39% while Hong Kong's Hang Seng is up 0.46% and Japan's Nikkei 225 is up 0.40%.
  • European markets are mixed. The DAX is higher by 1.08%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.69% and 0.11% respectively.
  • The yield on benchmark U.S. 10-year Treasuries remained under pressure at 0.6545%.
  • Benchmark Brent futures were up 0.21% at $43.50 per barrel.