Rupee Traded Lower Amid Likely Foreign Fund Inflows

Rupee Traded Lower Amid Likely Foreign Fund Inflows

27 May 2020 01:15 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.69/75.70 to the dollar, against 75.66/75.67 in the previous session, as likely foreign fund inflows offset the impact of a slump in the Chinese yuan.
  • The benchmark 6.45% bond maturing in 2029 was at 103.37 rupees, yielding 5.97%, against 103.36 rupees and 5.97% yield at the previous close, as traders anticipate the central bank to announce a bond purchase plan to offset New Delhi’s heavy borrowing plan.

Indian Equities

  • The Benchmark NSE Nifty50 index was up 111.95 points at 9141.0, while the BSE Sensex was up 380.73 points at 30990.03.
  • Shares of Wipro (up 3.02 per cent) , Infosys (up 1.63 per cent) , Tata Consultancy (up 1.23 per cent) , Info Edge (India) (up 0.97 per cent) , Mindtree (up 0.65 per cent) , NIIT Technologies (up 0.27 per cent) , Tech Mahindra (up 0.27 per cent) and HCL Technologies (up 0.03 per cent) were among the top gainers.

Global Markets

  • Hong Kong's Hang Seng lost 1.0% while mainland shares were down 0.5%, amid fears the protests would worsen diplomatic and trade tensions between the United States and China.
  • European stocks are expected to rise with pan-European Euro Stoxx 50 futures up 0.3%. German DAX futures rose 0.5%, FTSE futures were up 0.5%.
  • U.S. Treasury yields retreated from lows, with ten-year yields at 0.692%, having risen about 4 basis points on Tuesday.
  • Oil prices slipped slightly on concerns about U.S.-China tensions with U.S. West Texas Intermediate crude futures down 0.6% at $34.14 per barrel.