Rupee Opens Sharply Higher At 75.40 Per US Dollar

Rupee in Wednesday's trade opened with gains at 75.40 versus its previous closing of 75.5 per US dollar.

In the bond market, the yield on 10-year benchmark bond opened at 6.22% against its earlier closing of 6.16%

Macro data that came out yesterday presented a grim economic outlook owing to the coronavirus pandemic. Normal CPI data was not revealed due to inadequate data collection and March IIP contracted by a record 16%.

Oil prices today in early Asian trade declined after data showed an increase in crude inventories in the US and on mounting concerns of second wave of coronavirus infection in economies that are opening up. This is even as Saudi Arabia earlier this week committed to larger production cuts.

Brent crude fell 1.6% to $29.49 by 0034 GMT. U.S. crude was also down 1.6% at $25.37 a barrel. In the previous session, the US crude scaled higher by as much as 7%.

Meanwhile, benchmark indices on a massive bail-out package to make India self-reliant are trading with gains of close to 2%.

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