Rupee And Bond Update - July 19, 2021: Reliance Securities
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Reliance Securities Report
The Indian rupee ended flat on Friday but appreciated for a second straight week against the dollar, supported by inflows for IPO and the dovish Fed chairman for U.S. monetary policy.
The rupee ended at 74.56 compared with 74.54 in the previous session. The local currency strengthened 0.1% this week after rising by 0.1% in the previous week.
However, the rupee could not sustain gains due to consistent dollar buying from state-run banks, likely on behalf of importers.
Possibility of the Reserve Bank of India buying dollars through also prevented the currency from appreciating sharply.
The benchmark 6.10% bond maturing in 2031 ended lower at Rs 99.78, yielding 6.13%, against Rs 99.87, yielding 6.12% on Thursday.
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