Oct 10 2017

Rupee rises for 2nd day as Exporters sell Dollars

Financial Market Overview

10th October, 2017

Evening Coffee:-                                                                                      

MARKETS AT CLOSE:-

Rupee:-

  • The Indian rupee rose for a second straight session, in line with most other Asian currencies, tracking a decline in the dollar index and as exporters sold the greenback.
  • The rupee settled at 65.2750 to a dollar, against 65.35 at the previous close. It had opened flat but appreciated immediately to a day’s high of 65.1975, on dollar sales worth about $50 million by a large energy conglomerate. However, it reversed its gains, briefly falling to 65.38 in afternoon trading, on dollar purchases by foreign banks and importers.

Indian Equities:-

  • Indian shares rose for a third straight session on Tuesday but the gains were capped as investors hedged their bets before September-quarter corporate results kick in later this week.
  • The benchmark BSE index closed up 0.24 percent at 31,924.41. The broader NSE index ended 0.28 percent higher at 10,016.95.

Global Markets:-

  • European markets are mixed. The FTSE 100 is higher by 0.24%, while Germany’s DAX is off 0.13%. Shares in France is down with the CAC 40 lower by 0.09%.
  • Asian markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 0.64% while Hong Kong’s Hang Seng is up 0.58% and China’s Shanghai Composite is up 0.26%.
  • Manufacturing production in the UK beat expectations in August, increasing optimism over the British economy, official data showed on Tuesday.
  • In a report, the UK Office for National Statistics said that manufacturing production rose 0.4% in August from the prior month, compared to expectations for a 0.2% rise and following a rise of 0.4% the prior month.
  • On an annualized basis, manufacturing production rose 2.8% in August, beating forecasts of a 1.9% gain and after increasing at a rate of 2.7% in the previous month.
  • The report also showed that industrial production advanced by a seasonally adjusted 0.2% in August, in line with forecasts and compared to a 0.3% increase in the preceding month.
  • Year-on-year, industrial production rose by 1.6% in August, beating expectations and following the 1.1% advance registered a month earlier. At the same time, another report showed that the trade balance fell by £14.24 billion in August.