Rupee traded lower as private banks’ dollar bids trimmed early gains

Rupee traded lower as private banks’ dollar bids trimmed early gains

01 Jun 2020 01:21 PM
 

Financial Market Overview

Indian Rupee

  • The Indian rupee was off highs at 75.52/75.53 to the dollar, against 75.6150/75.6250 in the previous session, as private banks’ dollar bids trimmed early gains stemming from stronger local equities on phased reopening of the economy.
  • The benchmark 6.45% bond maturing in 2029 was at 103.01 rupees, yielding 6.02%, against 103.08 rupees, yielding 6.01% at the previous close, on concerns over the country's fiscal health after a sharp rise in the budget deficit for the previous financial year that ended Mar. 31.

Indian Equities

  • The Sensex traded 1,088.95 points - or 3.36 per cent - higher at 33,513.05 while the Nifty was up 309.35 points - or 3.23 per cent - at 9,889.65.
  • Forty-six stocks in the Nifty basket of 50 shares moved higher at the time. Bajaj Finance, Bajaj Finserv, Titan, Tata Steel, JSW Steel, Mahindra & Mahindra and SBI - trading between 5.64 per cent and 10.73 per cent higher - were the top percentage gainers.

Global Markets

  • Asian markets were led higher by China on signs parts of the domestic economy were picking up. Hong Kong managed to rally 3.3%, while Chinese blue chips put on 2.54%.
  • EUROSTOXX 50 futures firmed 1.48% and FTSE futures 1.3%.
  • In afternoon trade, the dollar was 0.3% softer on a basket of peers at 97.923 having touched an 11-week low of 97.944 on Friday.
  • Brent crude futures were off 37 cents at $37.70 a barrel, while U.S. crude fell 31 cents to $35.38.