Rupee on Wednesday (May 27, 2020) opened at 75.67 versus previous close of 75.66 per US dollar.
In the bond market, the yield on 10-year government bond opened at 5.749% versus its previous closing of 5.752%.
The truncated week for the US dollar-rupee pair as per IFA Global CEO is likely to be determined by flows. As for the Bharti Airtel stake sale plan, we could see inflows over the next few days. Also a bout of inflows is expected due to the semi annual MSCI rebalancing exercise which would come into effect from June 1.
Oil on May 27, 2020 again edged lower on demand concerns and as Hong Kong tensions continued to weigh. In the previous session oil recovered to hover around levels of $34 per barrel as major producers adhered to their commitment of cutting supply cut and as more vehicles returned to road due to easing of lockdown restriction.
For India, Fitch Ratings see a contraction in GDP for FY 2020-21 to the tune of 5%.
Meanwhile, Indian benchmark indices tracking losses in the Asian equities due to Hong Kong tension trade almost flat with Nifty at 9038 points.