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Rupee ended almost flat, Pound up vs. Dollar

Friday,   13-Nov-2020   04:45 PM (IST)

The Indian rupee ended the session almost flat at 74.60/61 levels compared to its opening at 74.62/63 levels as "aggressive" dollar sales by two large foreign banks outweighed the impact of a pullback in regional equities. Rupee traded in the range of 74.4750-74.7025 levels today. Meanwhile, Indian and other Asian equities extended yesterday’s decline amid worries that the record increase in new U.S. coronavirus infections could derail the economic recovery. Indian federal government bond yields ended little changed for a second consecutive week as investors awaited new triggers, even as the central bank announced more open market operations to help clear out a record borrowing schedule. The domestic equity market ended Friday's session, the last trading day of Samvat 2076 on a positive note after oscillating between gains and losses during the day. The S&P BSE Sensex today gained 86 points, or 0.2 per cent to settle at 43,443 levels. With today's gain, the index rallied 10.68 per cent during Samvat 2076. NSE's Nifty ended Friday's session at 12,720, up 29 points, or 0.23 per cent. India VIX fell around 4.5 per cent to 19.7 levels. In the forward segment 1mth, 3mth and 6mth annualized premia ended the day at 3.13%, 3.40% and 3.98% respectively.

Sterling ticked up on Friday against the dollar and euro after news that British Prime Minister Boris Johnson’s top adviser and Brexit mastermind Dominic Cummings was set to leave, as talks over a trade deal with the European Union go down to the wire. The negotiations are set to miss another deadline of mid-November and continue into next week, ahead of a potentially crucial meeting of European leaders next Thursday. Analysts suggested the departure of Cummings - who drove the 2016 referendum campaign for Brexit and will leave his position in Downing Street when the transition period ends - could lead to a less hard line approach in talks with Brussels. Sterling gained around a third of a percent versus the dollar and 0.3% against the euro in early trading. Sterling had lost ground on Thursday on Brexit jitters and news that Britain’s economy grew by a slower than expected 1.1% in September from August. The dollar slipped on Friday and risk appetite in currency markets eased, as worries about the economic fallout from surging COVID-19 cases in Europe and the United States tempered initial enthusiasm about a possible vaccine. Global markets surged on Monday after Pfizer Inc said its experimental vaccine is more than 90% effective - news which saw the dollar rise as traders quit their long-yen positions. But traders became more risk-averse on Thursday and Friday, after the heads of the Federal Reserve and the European Central Bank stressed that the economic outlook remains uncertain.