Rupee Traded Higher Tracking Gains In Regional Equities

Rupee Traded Higher Tracking Gains In Regional Equities

26 May 2020 01:19 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee stayed higher at 75.67/75.68 to the dollar, against 75.95/75.96 in the previous session, tracking gains in regional equities and currencies on hopes of a likely pickup in economic activity as some global economies look to ease lockdown restrictions.
  • The benchmark 6.45% bond maturing in 2029 was at 103.43 rupees, yielding 5.97%, against 103.46 rupees and 5.96% yield at the previous close, as investors booked profits after the benchmark yield fell to an 11-year low in the previous session. Investors also await announcement of open market bond purchases from the central bank.

Indian Equities

  • The Sensex traded 170.02 points - or 0.56 per cent - higher at 30,084.02 while the Nifty was up 54.40 points - or 0.60 per cent - at 9,094.20.
  • In the Nifty basket of 50 shares, JSW Steel, Eicher Motors, Ultratech Cement ITC, IndusInd Bank and Hindalco - trading between 3.77 per cent and 6.48 per cent higher - were the top percentage gainers.

Global Markets

  • Japan's Nikkei took the lead with a rise of 1.7% to its highest since early March when the economic impact of the coronavirus was just becoming clear. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 1.6%, while South Korea rose 1.5%.
  • EUROSTOXX 50 futures added 0.98% and FTSE futures 2.2%.
  • Yields on U.S. 10-year notes were trading at 0.67% having recovered from a blip up to 0.68% last week when the market absorbed a tidal wave of new issuance.
  • Brent crude futures rose 71 cents to $36.24 a barrel, while U.S. crude gained $1.14 to $34.39.