Rupee on Friday (May 29, 2020) opened higher at 75.71 versus its previous close of 75.76 per US dollar. Market participants are eyeing GDP data for March which is set to come at its weakest in 2 years as consumption together with investment was sluggish in the wake of Covid 19.
In the bond market, the yield on 10-year government bond opened at 5.75% versus its previous closing of 5.75%.
Oil in trade today retreated lower as demand concerns from the US continue to linger even after the economy has opened up.
Rupee has been weakening for quiet some days even as equities gained ground. This is as US-China tensions weighed on the home currency
Meanwhile, Indian benchmark indices tracking weaknes in Asian markets are trading with losses led by stocks from metal and IT space.