Gold Silver Reports (GSR) – Rupee Hits All-time Low – Bond traders in India will be keenly watching the rupee’s movement while an auction of Rs 12,000 crore of sovereign debt will also provide cues for next week.
The Indian rupee kiss a new all-time low at 69.12 against the U.S. dollar. The 10-year bond yield opened a little changed at 7.78.
The big trigger for the day was the sharp depreciation of the rupee in line with weakness in other emerging-market currencies, the report said quoting Edelweiss Securities’ note.
Given the bullish weekly close that spot seems poised for today, there is a real chance of 70.00 being breached. Conversely, a break under the July low allows for an immediate test of 50-DMA support that has held since February.
