Rupee Opens Lower At 70.92

Rupee resumed trade on Friday on a weaker note, opening with a loss of 4 paise. In the previous session, rupee closed at 70.88 per US dollar.

On Thursday, rupee closed higher as equities made gains. Also, sentiment got a booster from the decline in crude which in the global markets saw a surprise increase in US stockpiles. Further, the US announcement of reaching a trade deal with China sooner than expected upped the momentum.

In the debt market, bond prices slumped after the corporate tax rate announcement and in its wake bond yield increased. Nonetheless, if there are no surprise movements on the above specified events, there shall be seen some respite.

Further, marketmen now await a series of important events such as the announcement of bond supply calendar for the second half of FY 2019-2020 as well as the official recognition of the liquidity management framework of the RBI. Also, there will be notified a new 10-year benchmark bond.

Meanwhile, in the pre-opening session, Indian benchmark indices opened higher with gains on both the Sensex and Nifty.

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