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Rupee Opens Lower Amid Weak Equities And Dollar's Strength
Rupee in Wednesday's trade (September 9, 2020) opened lower at 73.66 versus previous day's close of 73.60 per US dollar. Yield on benchmark 10-year bond however fell sharply to 6.04% versus previous close of 6.057%.
This is as India-China tensions along the border have intensified with firing reported as also the dollar strengthened against the basket of currencies.
"If the broader USD remains stable the down side in USD-INR could be limited. It appears the RBI is content keeping volatility in check and allowing readjustments in USD/INR happen when there is a significant global USD move. Whenever that happens, the RBI steps aside and allows the rupee to align with the broader USD," said Abhishek Goenka Founder and CEO, IFA Global.
The rupee has appreciated from levels of 77 per US dollar.
Meanwhile, Indian indices traded with losses as global cues remained weak, with Nifty above 11261.
