Rupee Opens Lower At 76.31 Even On Resilient Equities

Rupee on Tuesday (April 28, 2020) opened lower at 76.31 as compared to previous day's close of 76.24 per US dollar. Stimulus bail out from the government, which may further dent its finances is probably making the rupee to depreciate.

Rupee Opens Lower At 76.31 Even On Resilient Equities

So, far this year gold has tumbled heavily by as much as 7% and is hitting new lows due to Covid 19 fall out, nonetheless dollar has not been feeling the heat of the crisis and remains resilient.

In the bond market, the yield on 10-year benchmark bond opens at 6.13% versus previous close of 6.14%.

Oil market has been not reversing the losses even after the major oil producers have agreed on a huge cut as demand has taken a hit and there is problem in the upkeep of the commodity. While in a span of the lockdown, crude has declined by $15 per barrel which should mean a straight decline in fuel price by Rs. 5 per litre, this has not been realized.

Meanwhile, stock indices led by gains in the financial is trading firm with Nifty at 9350.

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