Rupee And Bond Update - December 08, 2021: Reliance Securities
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Reliance Securities Report
The Indian rupee reversed intraday gains and ended flat against the dollar on Tuesday as strong dollar bids offset large outflows.
According to media reports, India needs to pay around $1 billion to Cairn India, and the outflow is expected over the next few days.
The rupee ended at 75.44 to the dollar compared to 75.42 in the previous session. The local unit briefly appreciated to an intraday high to 75.27 earlier, tracking gains in the Asian currencies and China’s moves to support its economy after the People’s Bank of China cut the required reserve ratio by 50 basis points.
India's benchmark S&P BSE Sensex ended 1.6% higher and lent support. However, the local unit but gave up all its gains to test an intraday low 75.50 amid continued selling of Indian equities by foreign investors.
The dollar Index rebounded, tracking gains in the U.S. bonds.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.