Reliance Securities: Currency And Bond Update- August 13, 2020
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Reliance Securities Report
The Indian rupee depreciated marginally this Wednesday probably on back of the Reserve Bank of India’s intervention in the market.
Markets speculated that RBI intervened in the markets to counter the large flows which are expected to come into the markets from ICICI Bank’s qualified Institutional placement (QIP).
The rupee was quoted at 74.83 to the dollar compared with 74.77 on Tuesday.
A slight rebound in the U.S. dollar also weighed on sentiments.
Asian currencies ended marginally higher against the U.S. dollar this Wednesday and limited weakness in the domestic unit.
The benchmark S&P BSE Sensex and the broader Nifty 50 index fell 0.10% and 0.12% respectively on Wednesday.
U.S. dollar ended weak on Wednesday as political squabbling over a stimulus package for the U.S. economy halted its recent rebound.
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