Currency Market and Debt Market : 01.09.2016
Debt market
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• Government bond yields fell for a third straight month, as surplus cash at banks, biggest buyers of sovereign debt in the country, spurred demand
• The benchmark 7.59% bond maturing in 2026 ended at | 103.23 against the previous close of | 103.25
• The benchmark 7.59% 2026 bond yield remained unchanged at 7.11% ahead of auction of new paper later this week.
Forex (US$/INR)
• The rupee rose to a near two-week high against the dollar on higher inflows and gains in domestic equities erasing earlier losses triggered by bets of an imminent Federal Reserve rate hike
• The dollar index against six major currencies ended lower at 96.02 posting mild losses of 0.03% as stronger economic data lifted risk currencies. US$/INR derivatives strategy: Sell September Contract
• In the currency futures market, the most traded dollar-rupee September contract on the NSE ended at 67.26. The September contract open interest rose 1.74% from the previous day • October contract open interest was up 11.19% from the previous day
• We expect the US dollar to meet supply pressure on rallies. Utilise upsides in the US dollar to go short on US$INR September futures.
Debt market
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• The benchmark 7.59% bond maturing in 2026 ended at | 103.23 against the previous close of | 103.25
• The benchmark 7.59% 2026 bond yield remained unchanged at 7.11% ahead of auction of new paper later this week.
Forex (US$/INR)
• The rupee rose to a near two-week high against the dollar on higher inflows and gains in domestic equities erasing earlier losses triggered by bets of an imminent Federal Reserve rate hike
• The dollar index against six major currencies ended lower at 96.02 posting mild losses of 0.03% as stronger economic data lifted risk currencies. US$/INR derivatives strategy: Sell September Contract
• In the currency futures market, the most traded dollar-rupee September contract on the NSE ended at 67.26. The September contract open interest rose 1.74% from the previous day • October contract open interest was up 11.19% from the previous day
• We expect the US dollar to meet supply pressure on rallies. Utilise upsides in the US dollar to go short on US$INR September futures.