Rupee Opens Stronger At 75.77 Per US Dollar

Rupee in Tuesday's (May 19, 2020) trade opened with gains at 75.77 against previous day's close of 75.91 per US dollar.

On Monday, buoyed by sell-off in Indian equity markets, the rupee was again dragged close to levels of 76. On a year to date basis, the rupee is down almost 6.5% against the greenback and hit a record low of 76.91.

In the near term, the home currency is set to be under pressure.

In the bond market, the yield on 10-year benchmark bonds opened at 5.774% versus its previous close of 5.77%.Traders in the bond market will be watchful of the RBI's state government bond auctions.

Oil prices today gain for the fourth straight session as producers show their commitment in cutting output while demand increases as more and more economies gradually open up after coronavirus-led lockdowns.

Brent crude jumped US$ 0.85 or 2.4% to US$ 35.66 per barrel by 0033 GMT. US West Texas Intermediate crude was up US$ 1.30 or 4.1% at US$ 33.12 a barrel, after hitting its highest price in 2 months.

Meanwhile, on strong global cues on hopes of a vaccine for COVID 19 treatment, Indian shares opened higher, with Nifty above 8900.

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