Reliance Securities: Currency And Bond Update - August 21, 2020
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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Thursday as the Federal Reserve’s minutes suggested a weak view on economic recovery in the U.S., weakening the appetite for risk assets.
The rupee was quoted at 75.03 to the dollar compared with 74.82 on Wednesday. Earlier in the session, the local unit had weakened to a two-week low of 75.05.
Strong U.S. dollar weighed on the local unit. U.S. dollar Index recovered by almost 1% this Thursday from the lows of Wednesday’s session.
The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 1.02% and 0.84% lower, respectively, as regional risk sentiment weakened.
The U.S. dollar fell on Thursday amid weak jobless claims number suggests that the U.S. labour markets will take some time to recover from the pandemic.
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