Reliance Securities: Currency And Bond Update - September 16, 2020
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Reliance Securities Report
The Indian rupee ended marginally stronger against the U.S. currency tracking a weak U.S dollar.
However, appreciation bias remained limited as dollar purchases by state-run banks, likely on behalf of the central bank, offset the impact of positive cues on the vaccine front.
The rupee was at 73.48 to the dollar compared with 73.54 on Friday.
The Rupee had appreciated to an intraday high of 73.26 in early trades today, on the back of inflows. However, the Reserve Bank of India chose to mop up inflows aggressively today.
The benchmark S&P BSE Sensex and the broader Nifty 50 index fell 0.25% and 0.21%, respectively, on profit booking.
The U.S. dollar index fell against the basket of currencies on Monday as positive news about a Covid-19 vaccine and upbeat beat mood in the global markets lifted equity markets.
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