Oct 12 2017

Rupee ends at over 1-week high on Dollar inflows

Financial Market Overview

12th October, 2017

Evening Coffee:-                                                                                      

MARKETS AT CLOSE:-

Rupee:-

  • The Indian rupee rose to its highest in over a week against the dollar, helped by equity-related greenback inflows and tracking the U.S. currency’s overnight slide after the Federal Reserve’s September meeting minutes reflected policymakers’ concerns over weak inflation.
  • The rupee settled at 65.08 to a dollar, its highest since Oct. 4, against 65.14 at the previous close. It had risen to a day’s high of 65.0425. Most other Asian currencies also rose against the dollar.

Indian Equities:-

  • Indian shares extended gains on Thursday with the NSE index clocking its biggest percentage gain since May 25 as excitement builds up ahead of some key quarterly results including that from Tata Consultancy Services.
  • The broader NSE index ended up 1.12 percent at 10,096.40 while the benchmark BSE index closed 1.09 percent higher at 32,182.22. Both indexes ended at their highest since Sept. 21.
  • Tata Consultancy Services gained about 2 percent while Reliance Industries Ltd, which is slated to post results on Friday, climbed over 4 percent and contributed to most of the gains on the indexes.

Global Markets:-

  • European markets are mixed. The FTSE 100 is higher by 0.37%, while the CAC 40 is leading the DAX lower. They are down 0.31% and 0.12% respectively.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.35% and the Hang Seng rose 0.24%. The Shanghai Composite lost 0.06%.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended 0.3% lower overnight, but not before slipping to 92.90, its lowest since Sep.26 and well off an Oct. 6 level of 94.27, its highest since Jul. 26. While the Fed minutes upheld expectations of a likely rate hike at the next meeting in December, it also showed policymakers debating about the likelihood of inflation accelerating and possible interest rate trajectory if that weren’t the case. The index that was last trading little changed at 93.09.