7th day in a row, Rupee hits a fresh record low

7th day in a row, Rupee hits a fresh record low

06 Sep 2018 05:58 PM
Myforexeye Research Report
Financial Market Overview

06th September, 2018

Evening Coffee:-                                                                                  



  • Indian rupee extended its losing streak to end at a record low against the dollar for a seventh session, as overwhelming greenback demand from foreign and state-run banks exacerbated concerns over foreign fund outflows.
  • The rupee ended at 71.99 to a dollar, against 71.75 at close yesterday. It opened at the day’s high of 71.62 but was unable to hold onto gains and breached the 72-level for the first time ever. The local currency plunged to 72.11 intraday on heavy dollar purchases by various foreign and state-run banks but came off lows after repeated greenback sales by a handful of state-run bank and private lenders, possibly for the central bank, at various levels.

Indian Equities:-

  • Indian shares ended higher on Thursday and the BSE index broke its longest streak of losses since March, spurred by gains in Reliance Industries Ltd, while the rupee breached the level of 72 against the dollar.
  • Investors bought Indian shares amid a rout in emerging markets stocks and currencies, lifting the broader NSE index by 0.52 percent to 11,536.90, and the BSE index by 0.59 percent to 38,242.81.

Global Markets:-

  • European markets are mixed today. The France's CAC40 is up 0.27%, the Germany's DAX gains 0.17%, the Eurozone's STOXX50 is higher by 0.12%, the SMI is up 0.07% while the Spain's IBEX35 is down 0.82% and the London's FTSE100 fell by 0.19%.
  • The dollar index was last trading little changed after previous session’s 0.3% decline, amid a jump in the British pound following a report that the U.K. and Germany had abandoned a key Brexit demand, clearing way for the former’s exit from the European Union..
  • Sterling jumped on Wednesday, rebounding off a two-week low, after a report that the United Kingdom and Germany were prepared to drop a key sticking point on Brexit negotiations fuelled hopes of a breakthrough in talks. Investors rushed to buy the currency after the report, lifting it nearly one percent to a three-day high of $1.2983. From trough to peak, sterling has rallied more than 1.2 percent on an intraday basis as the latest headlines prompted investors to cut short bets.



Date : Sep-2018