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Rupee Ends Higher At 75.50/USD; Bond Yield Falls To Over 1-Week Low

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The rupee in trade on Tuesday (June 30, 2020) settled with gains for the fourth straight session at 75.50 versus the previous close of 75.58 per US dollar. The home currency opened stronger today at 75.47 against the greenback. This is the longest gaining streak for the domestic unit in 2 months.

Rupee Gains For Fourth Straight Day; Bond Yield Falls To Over 1-Week Low
 

On a quarterly basis from April to June period, among its Asian peers, rupee emerged as the third worst performing currency, after only Hong Kong dollar and Japan's yen.

Traders in the money market will remain watchful of key economic indicators including the April-May fiscal deficit data due to be released today as well as balance of payments data.

The yield on 10-year government bond fell to over 1-week low of 5.86% after the Reserve Bank of India announced a special open market operation (OMO) to simultaneously purchase and sell debt on July 2. On Monday, the RBI announced purchase of debt worth up to USD 1.32 billion from the market on July 2, while also carrying out sale of 6- and 12-months T-bills of the same amount.

Meanwhile, Indian equities erased all their gains and traded flat with a negative bias with Sensex testing 35000 levels.

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Read more about: rupee dollar exchange rate omo
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