Rupee Trading At 74.99/75.00 On Persistent Dollar Sales By Banks

Rupee Trading At 74.99/75.00 On Persistent Dollar Sales By Banks

09 Jul 2020 01:33 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 74.9950/75.0050 to dollar against 75.0150/75.0250 in the previous session, as persistent dollar bids by three large private banks offset the impact of a slide in the dollar index and upbeat local shares, traders said.
  • The benchmark 5.79% bond maturing in 2030 was at 100.04 rupees, yielding 5.78%, against 100.08 rupees, and a 5.78% yield at the previous close, as activity slowed ahead of a fresh supply of notes tomorrow and as investors waited for further relief from the central bank.

Indian Equities

  • The S&P BSE Sensex gained 270 points to 36,600 levels and the Nifty50 index was testing the 10,800-mark.
  • Bajaj Finance, up 4 per cent, and Tata Steel, up 3 per cent, were the top Sensex gainers. Besides, IndusInd Bank rose 2 per cent. ICICI Bank was also trading 2 per cent higher after the bank's board gave approval to plans to raise up to Rs 15,000 crore to support business growth.

Global Markets

  • Australia's benchmark ASX 200 index rose 1% and Japan's Nikkei rose 0.6%. The Australian dollar rose 0.2% to $0.6995, but - perhaps indicating a cap on exuberance - it was unable to break past resistance at $0.70.
  • European futures point to gains from London to Frankfurt, with FTSE futures up 0.5% and Germany's DAX futures up 1.2%.
  • U.S. Treasuries were not sold in to the rally either, and nor were the safe havens of gold or the Japanese yen. The yield on benchmark U.S. 10-year Treasuries remained under pressure at 0.6545%
  • Brent crude was flat at $43.28 per barrel and U.S. crude fell 0.2% to $40.82 per barrel as concerns about oversupply weigh.