Rupee Opens Strong At 74.81 Per US Dollar Ahead Of RBI MPC Decision

Rupee in Thursday's trade (August 6, 2020) opened strong at 74.81 versus previous day's close of 74.93 per US dollar.

The dollar is not able to stem its losses as investors remained concern on US economic outlook which may lag other nations in economic revival due to large scale infections in the country. For some time now the dollar index is hovering near its 2-year low of 92.539 touched on July 31.

Rupee Opens Strong At 74.81 Per US Dollar Ahead Of RBI MPC Decision

The yield on 10-year benchmark bond stood at 5.765%

Oil prices on Thursday were steady and failed to hold on to 5-month high levels attained on Wednesday on surprise reduction in US inventories and softness in dollar. US West Texas Intermediate (WTI) crude futures were down 3 cents, or 0.1%, at $42.16 a barrel, while Brent crude futures rose 6 cents to $45.23.

At the time of writing this report India corona tally has touched 19,60,865 while deaths near 39000 mark.

Meanwhile, Indian indices tracking strength in the US markets overnight and mixed Asian markets have started strong with gains of over 0.5% ahead of RBI MPC outcome, with Nifty above 11150 points.

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