Reliance Securities: Currency And Bond Update - September 09, 2020
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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar for the second consecutive session against the U.S. currency amid fresh border tensions between India and China and an uptick on the dollar index.
The rupee was quoted at 73.60 to the dollar compared with 73.34 on Monday.
Fitch Ratings deepened their India gross domestic product forecasts to a double-digit contraction as the coronavirus pandemic continues to spread.
Fitch sees the Indian economy shrinking 10.5% in this fiscal year ending March 31, five percentage points lower than its June estimate.
The benchmark S&P BSE Sensex and the broader Nifty 50 index ended 0.14% and 0.33% lower, respectively on Tuesday.
The U.S. dollar index climbed to a four-week peak on Tuesday, led by gains versus sterling on renewed worries about Brexit and as risk appetite waned with a sell-off on Wall Street.
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