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Reliance Securities: Currency And Bond Update- July 31, 2020

Reliance Securities: Currency And Bond Update- July 31, 2020

Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India (Photographer Dhiraj Singh/Bloomberg)
Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India (Photographer Dhiraj Singh/Bloomberg)

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 ended flat on Thursday ahead of the U.S. gross domestic product (GDP) data on Thursday evening.

The rupee was last quoted at 74.84 against the U.S. dollar as against 74.80 in the previous session.

The rupee had opened lower on month-end dollar demand by importers, but pared losses due to positive risk appetite in the region.

U.S. dollar was weak this Wednesday afternoon trade ahead of the conclusion of the Federal Open Market Committee meeting tonight.

Meanwhile, most Asian currencies were stronger against the U.S. dollar this Thursday’s session.

The benchmark S&P BSE Sensex and the broader Nifty 50 Index fell 0.94% and 0.97%, respectively, on profit booking.

U.S. dollar tumbled on Thursday after U.S. President Donald Trump raised the possibility of delaying the nation's November presidential election.

Weak GDP number and sluggish labour market also weighed on the greenback.

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Reliance Securities Currency & Bond Update - July 31, 2020.pdf

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