Reliance Securities: Currency And Bond Update - September 23, 2020
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Reliance Securities Report
The Indian rupee depreciated against the U.S. currency weighed by risk off sentiments amid concerns that fresh lockdowns in Europe to control surging coronavirus infections could impede a quick economic recovery.
The rupee ended at 73.58 to the dollar this Tuesday compared with 73.38 on Monday.
The rupee depreciated by 0.3% this Tuesday, its biggest single-session decline since September 08, 2020.
The uncertainty surrounding the fiscal stimulus package and the elections in the U.S. added to the wariness of the recovery of the economy and weighed on sentiments.
In the Asian side of things, the Korean won led Asian currencies lower and weighed on sentiments.
The benchmark S&P BSE Sensex and the broader Nifty 50 index fell for the fourth consecutive session and closed 0.79% and 0.86% lower, respectively on Tuesday.
The U.S. dollar index dollar rose to an eight-week high on Tuesday, after a top Federal Reserve official struck a hawkish tone by mentioning the prospect of raising rates.
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