Rupee Ended Lower as Exporters' Dollar Sales Trimmed Early Losses

Rupee Ended Lower as Exporters' Dollar Sales Trimmed Early Losses

22 Oct 2020 02:13 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee came off lows and was at 73.63/73.64 to the dollar against 73.58/73.59 in the previous session, as exporters' dollar sales trimmed early losses triggered by a weak risk appetite in the region. The rupee had fallen to a three-week low of 73.78 earlier in the session.
  • The benchmark 5.77% bond maturing in 2030 was at 98.96 rupees, yielding 5.91%, against 98.95 rupees and 5.91% yield at the previous close, as traders await the cutoffs of the first-ever state debt purchase by the central bank for further cues.

Indian Equities

  • The benchmark BSE Sensex and the broader NSE index were trading 0.65% and 0.62% lower, respectively, as risk sentiment in the region weakened amid renewed doubts on when the U.S. fiscal stimulus bill will be passed.
  • HDFC Bank, index heavyweight Reliance Industries and ICICI Bank were the top losers.

Global Markets

  • Asian MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.63%. Australian shares gave up 0.6%, Seoul's Kospi was off 0.59% and Chinese blue-chips dropped 1.1%. The Nikkei was 0.69% lower.
  • EUROPE'S STOXX 600 down 0.4%, BRITAIN'S FTSE 100 down 0.4%, FRANCE'S CAC 40 down 0.5%, SPAIN'S IBEX down 0.7%, EURO STOXX index down 0.5%; EURO ZONE BLUE CHIPS down 0.5%, GERMANY'S DAX down 1%.
  • The Dow Jones Industrial Average inched lower by 0.35%, while the S&P 500 lost 0.22%. The tech-heavy Nasdaq Composite dropped 0.28%.
  • U.S. West Texas Intermediate (WTI) crude futures fell 0.6% to $39.79 a barrel and Brent crude futures were 0.48% lower at $41.358 a barrel.