Rupee Opens Marginally Lower At 75.59 ; Bond Yield Spikes To 6.20%

Rupee on Monday (May 11, 2020) opened at 75.59 versus its previous closing of 75.55 per US dollar.

In the bond market, the yield on 10-year benchmark bond opened at 6.20% versus its previous closing of 5.97%.

Rupee Opens Marginally Lower At 75.59 ; Bond Yield Spikes To 6.20%

On Friday, the government increased its gross borrowing from the market by more than 50% to Rs. 12 trillion in FY21 which was originally as per budget estimates was pegged at Rs. 7.8 lakh crore. This is one reason that saw bond yield to spike sharply today.

In the oil market, prices were dragged lower by $1 per barrel on supply glut concerns and another wave of coronavirus infection that again surfaces economic gloom looming and fails to offset out positives due to supply cut by major oil producers globally.

Brent crude futures were dragged lower to $30.24 per barrel, down 2.4%, while US WTI crude futures fell 3.3% to $23.93 a barrel.

Meanwhile, Indian markets tracking gains in the Asian markets are trading firm.

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