India Rupee Closed Lower After 3-Day Rise On Suspected RBI Intervention

India Rupee Closed Lower After 3-Day Rise On Suspected RBI Intervention

03 Jun 2020 04:26 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee was at 75.46/75.47 to the dollar against 75.3625/75.3725 in the previous session, as consistent dollar demand from state-run banks, likely for the central bank and importers, outweighed the impact of strong shares and a weak dollar index.
  • The benchmark 6.45% bond maturing in 2029 ended at 102.95 rupees, yielding 6.03%, against 103.19 rupees and 6.00% yield at the previous close, as investors awaited fresh triggers and clarity from the central bank on OMO purchases.

Indian Equities

  • The 30-share Sensex gained 285 points or 0.84 per cent to close the session at 34,109, while the broader Nifty 50 index settled at 10,061, up 83 points or 0.83 per cent.
  • A total of 18 stocks out of 30 Sensex stocks finished their trade in positive territory with M&M as the top Sensex gainer with a growth of 4.82 per cent, followed by Kotak Mahindra Bank, Bajaj Finance, State Bank of India (SBI) and Nestle India.

Global Markets

  • Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.37% while Japan's Nikkei 225 is up 1.29% and China's Shanghai Composite is up 0.07%.
  • European markets are sharply higher today with shares in Germany leading the region. The DAX is up 2.39% while France's CAC 40 is up 2.03% and London's FTSE 100 is up 1.28%.
  • The strength in equities dragged the dollar index to 97.29 today, its lowest level in nearly three months.
  • The benchmark Brent crude contract was 1.3% higher at $40.09 per barrel, after rising 3.3% yesterday.