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Trust Impact Report

The Indian rupee made an early reversal in gains and ended weaker amid talks to buy dollars from domestic crude refiners, bolstered by reports of disruption to a key Russian gas supply route westward, reinforcing the risk of a rise in the global crude prices increased.

The rupee ended Tuesday at 76.61 compared to 76.56 on Monday.

Initially, the local unit hit an intraday high of 76.32, tracking the decline in crude oil and the dollar.

Reuters reported that Russia’s gas supply to Europe through the Yamal Europe pipeline was halted this Tuesday.

In addition, the local unit also followed the decline in the local equity markets.

India’s benchmark BSE Sensex fell about 1.4%. Indian bond yields fell as a further decline in crude oil prices lifted investor sentiment.

The 6.54% benchmark bond finished at 6.82%, from a closing price of 6.85% on Monday.

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This post Rupee and Bond Update – March 16, 2022: Reliance Securities was original published at “https://www.bloombergquint.com/research-reports/rupee-and-bond-update-march-16-2022-reliance-securities”

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