Rupee Opens Steady At 74.29 Per US Dollar

Rupee in Thursday's trade (August 27, 2020) opened almost unchanged at 74.29 versus previous day's close of 74.30 per US dollar.

The yield on 10-year benchmark bond stood at 6.192%. The Reserve Bank of India will purchase Rs. 10,000 crore of bonds and sell an equivalent amount of shorter debt on Aug. 27 and Sept. 3, respectively, it said in a statement. This will be in a bid to cool down rising bond yields which have risen over 6%.

Rupee Opens Steady At 74.29 Per US Dollar

Oil in the previous session maintained close to a 5-month high as Hurricane Laura weighed on major refining units on the US Gulf Coast which is expected to get intensify into a "potentially catastrophic" Category 4 storm. Futures in New York remained steady after rising almost 1.7 percent in the previous session.

Meanwhile, Indian indices opened higher for the fifth consecutive session with Nifty hovering close to 11600 points.

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