Indian Rupee Closes At 75.96 Against U.S. Dollar
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Rupee Closes Little Changed
Indian Rupee closed little changed in a volatile session. The Rupee depreciated 0.25% against the U.S. dollar during the session, before paring the losses.
Rupee Remains Little Changed; 10-Year Yield Surges To 7.16%
Bond Yields Rise As Traders Weigh Policy Shift
Indian government bond yields rose as traders weighed the likelihood of rate hikes after a hawkish turn by the central bank at its policy review on Friday. The rupee was little changed.
10-year yields advanced 5bps to 7.17%, adding to last Friday’s move of 20bps which was the biggest one-day increase in nearly two years.
USD/INR steady at 75.915
Source: Bloomberg
Rupee Opens Little Changed
Indian rupee opened little changed. Reserve Bank of India's signaled a shift in policy focus to arrest the rise in inflation.
Rupee opened at 75.91 on Monday.
Brent crude prices fell to $100 per barrel. on risks to demand from China’s Covid outbreak and lockdowns.
Source: Bloomberg
Rupee May Open Flat: Reliance Securities
Rupee could open at 75.90-75.91 compared with 75.90 in the previous session.
Most Asian and EM peers are trading weaker against the U.S. dollar and could weigh on sentiments, however, subdued crude oil prices will cap depreciation bias.
The big trigger for markets will be Indian and U.S. CPI Inflation data on Tuesday.
Reliance Securities note
Bond Yields May Track Rise In U.S. Peers
Indian government bond yields may track a rise in their U.S. counterpart as quickening inflation fans fears of a tighter global monetary policy.
10-year yields soared 20bps to 7.12% on Friday, the biggest one-day increase in nearly two years
USD/INR fell 0.1% to 75.905 on Friday.
Global funds sold a net Rs 575 crore of India stocks Friday: NSE
They sold Rs 101 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 80 crore of corporate debt
State-run banks bought Rs 4,110 crore of sovereign bonds on April 8: CCIL data. Foreign banks sold Rs 1,790 crore of bonds.
Source: Bloomberg
Rupee Pared Gains On Friday
The Indian rupee closed flat on Friday at 75.90/$ after paring all gains during the day.
The equity market rose for the second week in a row, as it snapped a three-day losing streak after the RBI's decision to keep policy rates unchanged.
Crude continued to trade below $100 a barrel.
