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Reliance Securities Report
The Indian rupee weakened against the dollar, posting its biggest decline in nearly two weeks, as the Russia-Ukraine standoff escalated, and oil prices spiked.
The rupee ended at 74.88 this Tuesday from 74.51 close on Monday. Rupee had earlier weakened to an intraday low at 74.99 per dollar.
The Rupee tracked other Asian currencies and broad dollar strength as well as a decline in equities across the region amid risk aversion.
Meanwhile, rupee forward premiums jumped after the Reserve Bank of India yesterday said it will undertake a two-year sell/buy U.S. dollar/Indian rupee swap auction of $5 billion on March 8.
The one-year forward premium jumped to 3.1625 rupees from 3.0175 rupees yesterday. The implied one-year rose to 4.22% from 4.05%.
Indian government bond yields settled higher for the second straight day as New Delhi goes ahead with a debt auction this week.
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