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Rupee ended flat, Sterling higher vs. dollar

Friday,   20-Nov-2020   04:23 PM (IST)

The Indian rupee ended the session flattish to higher at 74.16/17 levels compared to its opening at 74.13/14 levels after touching the low of 74.22/23 levels, boosted by robust foreign inflows. Rupee traded in the range of 74.09-74.22 levels. Indian sovereign bond yields ended largely unchanged this week, as traders awaited fresh triggers including more clarity on open market purchases as well as economic growth data due later this month. The S&P BSE Sensex ended the day at 43,882 levels, up 282 points, or 0.65 per cent while NSE's Nifty closed the session at 12,859, up 87 points, or 0.68 per cent. In the forward segment 1mth, 3mth and 6mth annualized premia ended the day at 3.20%, 3.48% and 4.12% respectively.

Sterling is trading slightly higher against the dollar after UK retail sales rose 1.2% in October, and were 5.8% higher than a year earlier. European stock markets edged higher Friday, as investors look for more stimulus, despite conflicting reports in the U.S., as the surge in the number of coronavirus cases threatens the global economic recovery. U.S. Treasury Secretary Steven Mnuchin announced plans late Thursday to let several of the Federal Reserve’s emergency lending programs expire on December 31, seeking the re-appropriation of some $455 billion allocated earlier in the year. While this was the first serious sign of discord between the Treasury and the Federal Reserve during the Covid-19 pandemic, investors have reacted calmly, seeing the move as politicking with the programs likely to be restored under the new administration. Helping the tone was the news overnight that Republican Majority Leader Mitch McConnell had agreed to revive talks to craft a new fiscal relief package. Back in Europe, European Central Bank President Christine Lagarde promised a forceful monetary stimulus package for December, while speaking to a European Parliament committee Thursday. Additional aid is needed as the surge in coronavirus cases throughout Europe and the U.S. has resulted in the imposition of many new restrictions. Although Britain’s health minister said there were encouraging signs that the virus curve is starting to flatten, in the U.S. the state of California has just imposed a new curfew to curb the increase in infections and the Center for Disease Control urged Americans not to travel over the Thanksgiving holiday. Oil prices edged higher Friday, continuing a largely positive week on growing hopes that OPEC+ producers will freeze their output at current levels for at least another three months when they meet at the end of November.