Reliance Securities: Currency And Bond Update - August 25, 2020
Indian five hundred rupee banknotes are arranged for a photograph in Mumbai, India(Photographer Dhiraj Singh/Bloomberg)

Reliance Securities: Currency And Bond Update - August 25, 2020

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Reliance Securities Report

The Indian rupee appreciated on Monday and posted its biggest single session rise against the U.S. currency in over seven weeks, supported by inflows into local equities.

The rupee was quoted at 74.32 to the dollar at 2:00 p.m., compared with 74.84 at 2.00 p.m. on Friday.

The unit gained 0.7%, its biggest single session rise since July 02, 2020 and rose to its highest level since March 18, 2020.

Dollar sales and lack of the Reserve Bank of India’s presence led to exit of dollar long positions and triggered stop losses for dollar longs at 74.50 aided in rupee’s appreciation.

The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 0.95% and 0.83% higher, respectively on Monday.

The U.S. dollar edged higher on Monday before Federal Reserve Chairman Jerome Powell this week will give a highly anticipated speech about the U.S. central bank's policy framework review.

Click on the attachment to read the full report:

Reliance Securities Currency & Bond Update - August 25, 2020.pdf

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