Rupee Fell For The 3rd Day As Foreign Banks Picked Up Greenbacks

Rupee Fell For The 3rd Day As Foreign Banks Picked Up Greenbacks

08 Jul 2020 04:30 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee fell for the third day to the dollar and was at 75.0150/75.0250 versus 74.9350/74.9450 in the previous session, as foreign banks picked up greenbacks, while a renewed surge in coronavirus cases in the U.S. continued to dampen sentiment.
  • The benchmark 5.79% bond maturing in 2030 ended at 100.08 rupees, yielding 5.78%, its lowest since Jun. 10, against 99.97 rupees and 5.79% yield at the previous close, as traders expect the central bank to announce yet another round of special open market operations to support the market.

Indian Equities

  • Indian indices ended over half a percent lower on Wednesday after a five-session rally, with losses in IT and auto stocks offsetting gains in metals and private-sector lender IndusInd Bank.
  • The Sensex ended 345 points lower at 36,329 while the Nifty lost 94 points to settle at 10,706.

Global Markets

  • Asian Chinese stocks extended their gains to seven sessions, with the blue-chip index up 1.6% to its highest close since June 2015. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, still lower than a four-and-a-half-month high reached the day before.
  • The pan-European STOXX 600 fell 0.4%. London-listed HSBC shed 4% after Bloomberg reported that U.S. President Donald Trump's top advisers weighed proposals to undermine the Hong Kong currency's peg to the U.S. dollar.
  • E-mini futures for the S&P 500 were flat.
  • Brent crude futures fell 0.1%, to $43.03 a barrel. U.S. West Texas Intermediate (WTI) crude futures slipped 0.3%, to $40.50 a barrel.