The Rupee opened sideways with a firm bias on Friday after having seen a dip to 72.68 on Thursday as anticipation of foreign fund inflows into Indian equities and companies that are looking to raise funds keeps the dollar sales pretty strong through the day. However, the greenback strengthened globally, tracking a rise in US Treasury yields, and also as crude oil prices surged in overnight trade. Chair Jerome Powell reiterated the central bank's commitment to maintain ultra-accommodative monetary policy until the economy is "very far along the road to recovery." nflationary pressures have triggered valuation concerns in the global equity markets and may affect the Indian equity as well.......
The US dollar rose against major currencies in early Asian trade today as Powell stuck with a dovish rhetoric amid a recent spike in US bond yields. Yield on the benchmark US Treasury note jumped over the 1.50% level on Thursday as investors were disappointed following US Federal Reserve Chair Jerome Powell's comments. Powell did not make stronger comments about the recent jump in Treasury yields after the 10-year spiked to a one-year high of 1.61% last week. The rising US Treasury yields and inflation prospects have also trigged valuation concerns in the equity markets. Gold futures ended sharply lower on Thursday as strength in the US dollar and rise in US Treasury yields reduced the appeal for the safe-haven yellow metal.......