ECONOMY

Rupee And Bond Update – May 18, 2022: Reliance Securities

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Reliance Securities Report

The Indian rupee depreciated against the dollar on Tuesday weighed down by high crude prices, rising inflation and weak risk appetite.

However, stronger Asian and emerging market peers, dollar sales by state-run banks, likely on behalf of the Reserve Bank of India and exporters hedging their exposures kept losses in check.

Additionally, the local unit got some support from rising domestic equity markets.

India’s BSE Sensex equity index rose 2.5% this Tuesday.

The rupee ended at 77.57 a dollar the weakest ever close, compared with 77.45 on Friday. The local unit, which weakened to an all-time low at 77.80.

Meanwhile, India’s wholesale inflation quickened to an annual 15.08% in April, the fastest pace since at least April 2005, driven by high food and fuel prices.

Indian bond yields ended higher for the third consecutive session as bearish sentiment worsened due to elevated oil prices.

The benchmark 6.54% bond ended at 7.37% against 7.32% close on Friday.

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