May 13 2017

On a weekly basis Rupee rose 0.1% against U.S Dollar

 Weekly Synopsis

 

Date:- 13th May 2017

 

Markets from 08th May 2017 to 12th May 2017:-

 

Indian Rupee:-

 

  • On a weekly basis, Rupee rose 0.1% against the greenback. The rupee closes on Friday at 64.2975 against the previous weekly close of 64.37 on May 05th, 2017 to a greenback. It trades in a weekly range between 64.7050 to 64.19 against the greenback.

 

  • India’s foreign exchange reserves touched record high for a second straight week, to $375.72 billion as of May 5, from $372.73 billion in the previous week, the central bank said on Friday. This was the steepest gain since week ended Sep. 9, 2016. Forex reserves registered the fourth consecutive week of rise yesterday.

 

  • India’s retail inflation rose 2.99% in April from a year earlier, the slowest pace of expansion since formal introduction of the index in 2012, as prices of food items turned cheaper, government data showed yesterday.

 

  • India’s wholesale price inflation rose 3.85% in April from a year earlier under a new time series, as food prices increased at a slower pace, government data showed on Friday.

 

  • India’s industrial output rose 2.7% in March from a year earlier under a new times series, driven by electricity and mining output, the government said in a statement on 12th may 2017. New Delhi released the March industrial output data under a new time series yesterday. The new series have a revised base year of 2011-12, versus the previous 2004-05, keeping in line with the gross domestic product and inflation series.

 

Global Market:-

 

  • The dollar fell against a basket of major currencies on Friday, after weaker than expected inflation and retail sales data weighed on sentiment amid ongoing political turmoil in Washington.

 

  • The dollar index, which tracks the currency against a basket of six major rivals, fell 0.45 percent to 99.189.

 

  • A slowdown in retail sales and stuttering core consumer inflation in April poured cold water on expectations for a strong economic rebound in the second quarter of the year. Core Retail Sales, an important indicator used to gauge the strength of the U.S. economy, increased by 0.3% last month, compared to expectations for a 0.5% rise. Elsewhere, the Labor Department said consumer prices rose 0.2% after a 0.3% drop in March, which was the biggest fall in more than two years.

 

  • EUR/USDtraded at $1.0927, up 0.53% and GBP/USD slipped to $1.2866, down 0.16%, after the Bank of England on Thursday left interests rate unchanged and signalled that interest rates are unlikely to rise within the next two years.

 

  • Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over Nordstrom and other department stores. The Dow Jones Industrial Average .DJI declined 0.11 percent to end at 20,896.61 points and the S&P 500 .SPX lost 0.15 percent to 2,390.9. The Nasdaq Composite .IXIC added 0.09 percent to 6,121.23. For the week, the Dow fell 0.5 percent, the S&P 500 lost 0.4 percent and the Nasdaq rose 0.3 percent.

 

  • European markets finished higher on Friday with shares in London leading the region. The FTSE 100 is up 0.66% while Germany’s DAX is up 0.47% and France’s CAC 40 is up 0.41%.

 

Local Market:-

 

  • Indian shares ended lower on Friday, after jumping to record highs twice this week. The broader NSE index closed down 0.23 percent at 9,400.90, but was up 1.24 percent for the week. The benchmark BSE index ended 0.21 percent lower at 30,188.15, but was up 1.10 percent for the week. Both indexes snapped four straight sessions of gains.

 

  • Eicher Motors snapped five consecutive sessions of gains to end 1.1 percent lower, while Ashok Leyland fell 1.2 percent after a two-day rally.