Reliance Securities: Currency And Bond Update- August 05, 2020
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Reliance Securities Report
The Indian rupee remained range bound this Tuesday. Initially, the rupee depreciated to an intraday low of 75.18 on speculative dollar buying by private banks.
However, by the end of the session, the rupee appreciated towards 75 levels supported by foreign fund inflows into the local equity markets.
The rupee was quoted at 75.05 to the dollar compared with 75.01 on Monday.
The focus now turns to the U.S. services number and private payrolls data, due today, followed by the monthly jobs report on Friday.
Back home, attention has now shifted to the Monetary Policy Committee’s interest rate decision, due on Thursday.
The one-year forward premium was at 2.91 paise, against 2.92 paise in the previous session.
The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 2.03% and 1.87% higher, respectively on Tuesday.
U.S. dollar ended weaker on Tuesday in choppy trade against a basket of currencies on Tuesday.
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