India Markets closed

Rupee Opens Unchanged At 70.96

Roshni Agarwal

The domestic currency resumed trade on Monday on a weaker note by a small margin. It opened at 70.96 against its previous close of 70.95 against the greenback.

Rupee in Friday's session after a huge booster of corporate tax rate cut for domestic companies and new manufacturing companies spurted in trade by as much as 0.5% to 70.97 a dollar.

Buoyed by similar sentiments, bond declined in price whereas bond yields rose by 22 bps to 6.849%, its highest gain in 31 months time. Bond yield during the early hours on Friday declined as RBI's governor Shaktikanta Das provided that there is still room for rate cuts in the Indian economy. The later gains come as there is feared a higher fiscal slippage because of the government's move.

Brent crude futures jumped 1.2% or 75 cents to $65.03 a barrel, while U.S. crude futures rose 1.14% or 66 cents to $58.75 a barrel. The surge in crude oil by as much as 1% comes as Middle East tensions sore.

Meanwhile, Indian indices are expected to extend Friday's gains which were phenomenal with 2200 odd points rally on the Sensex in a single day. Also Asian stocks stand firm on US-China trade talks.

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