Rupee And Bond Update – May 20, 2022: Reliance Securities

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Reliance Securities Report

The Indian rupee weakened against the dollar on Thursday weakening to the lowest ever level at close in line with a broader global selloff, on signs of a surge in inflation threat.

Additionally, the impact of the Ukraine war and the recent resurgence of Covid-19 cases in China dampened sentiments and weighed on the local unit.

The rupee ended at 77.73/dollar compared with 77.58 close on Wednesday.

Briefly, the local unit had weakened to an intraday low at 77.75 in early trade.

Asian equities broadly weakened, while India’s key BSE Sensex equity index also ended weaker this Thursday.

But Asian and emerging market peers were stronger aided sentiments this Thursday.

Indian bond yields ended lower tracking moves in U.S. Treasury yields.

The benchmark 6.54% ended at 7.32% against 7.36% close on Wednesday.

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