Rupee Lower As Yuan Touches 7-Mark over Virus Worries

Rupee Lower As Yuan Touches 7-Mark over Virus Worries

18 Feb 2020 01:07 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee traded lower at 71.45/71.46 per dollar, against 71.2850/71.2950 yesterday, as the Chinese yuan declined to its key 7 per dollar mark amid coronavirus worries that kept risk appetite weak.
  • The benchmark 6.45% bond maturing in 2029 was at 100.36 rupees, yielding 6.40%, against 100.42 rupees and 6.39% yield at the previous close, as traders await fresh triggers after an early round of profit booking in a holiday-truncated week.

Indian Equities

  • The broader Nifty50 index slipped below the crucial 11,950-mark, down 125 points or over 1 percent. The S&P BSE Sensex slid over 400 points, or 1 percent, to 40,645 levels.
  • NTPC (down over 5 percent) was the biggest loser. Besides, Tata Steel, NTPC, and Sun Pharma also slipped over 2 percent each.

Global Markets

  • Tokyo's Nikkei slid 1.4%, dragged down by tech stocks. China's CSI300 blue-chip shares gave up 0.5%, Asian tech shares were also hit. Samsung Electronics dropped 2.9%, Taiwan Semiconductor Manufacturing Co (TSMC) lost 2.9% and Sony Corp shed 2.5%.
  • EUROSTOXX 50 futures down 0.6%, DAX futures down 0.7%, CAC 40 futures down 0.7%, FTSE futures down 0.75%, IBEX futures down 0.4%.
  • Bonds were in demand, with the 10-year U.S. Treasuries yield falling 4.2 basis point to 1.546% after a U.S. public holiday on Monday.
  • Brent crude fell 0.6% to $57.30 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 0.3% to $51.90 a barrel.