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Reliance Securities Report
The Indian rupee depreciated for a second straight day against the dollar, as oil prices rose to multi-year highs, and could hamper the country's growth and inflation outlook.
The rupee ended at 75.70 its weakest since December 20, versus a close at 75.34 in the previous session.
The currency tested an intraday low of 75.86 earlier today but presence of Reserve Bank of India's capped further depreciation.
Rumours of lack of exporter selling pressure and foreign outflows from the domestic equities have also kept rupee's appreciation bias capped.
Additionally, flows into the domestic IPO's could dry up due to the escalated tensions in Eastern Europe has also weighed on sentiments.
Finance Minister Nirmala Sitharaman in a media interview recently said the government may take another look at the timing of LIC IPO amid the Russia-Ukraine crisis.
Indian government bond yields rose for the second consecutive session as a jump in crude oil prices, amid the escalating Ukrainian crisis, spooked investors.
The benchmark 6.54% bond ended at 6.81%, the highest since February 4, versus 6.77% on Monday.
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