Reliance Securities: Currency And Bond Update - September 17, 2020
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Reliance Securities Report
The Indian rupee appreciated against the U.S. dollar supported by strong Asian cues and weak U.S. dollar ahead of the Fed monetary policy.
However, importer bids and state-run banks for defence-related payments limited appreciation bias for the domestic unit.
The rupee ended at 73.52 this Wednesday against the previous close of 73.65.
The benchmark S&P BSE Sensex and the broader Nifty 50 index rose for a second straight day to close 0.66% and 0.72% higher on Wednesday.
The one-year forward premium was at 3.18 rupees, against 3.17 rupees at previous close.
The U.S. dollar index gained on Wednesday in choppy trading after the Federal Reserve kept interest rates pinned near zero and said it expects the U.S. economic recovery from the coronavirus crisis to accelerate.
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