Money Changing
Oct 27 2017

Rupee snaps 2-day gains as ECB decision boosts Dollar

Financial Market Overview

27th October, 2017

Evening Coffee:-                                                                                      

MARKETS AT CLOSE:-

Rupee:-

  • Indian rupee fell for the first time in three days against the U.S. currency, dragged down by a strong dollar index after the European Central Bank’s decision to extend its bond purchase programme into late next year though at a reduced pace.  Greenback buys by lenders across the board also weighed on the rupee.
  • The rupee ended at 65.0450 to a dollar, against 64.82 at previous close. It traded between 64.96-65.11 to a dollar band today. The session also marked the rupee’s largest single-session fall since Oct. 17.
  • India’s foreign exchange reserves fell to $399.92 billion as of Oct 20, compared with $400.30 billion a week earlier, the Reserve Bank of India said today.

Indian Equities:-

  • Equity markets ended mixed after consolidation on Friday despite positive global cues, as investors looked for more corporate earnings for cues. Benchmark indices hit fresh record highs in opening but could not hold those gains for long and remained rangebound throughout the session.
  • Reliance Industries, Oil marketing companies, metals, Bharti Group, select banks and technology stocks saw selling pressure whereas NBFCs, Tata Group, ICICI Bank and ITC supported the market.
  • The 50-share NSE Nifty snapped four-day winning streak, falling 20.80 points to close at 10,323 after hitting an intraday record high of 10,366.15.
  • The 30-share BSE Sensex ended at fresh record closing high of 33,157.22, up 10.09 points from previous close.

Global Markets:-

  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.76% while Germany’s DAX is up 0.71% and London’s FTSE 100 is up 0.19%.
  • Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.24% while Hong Kong’s Hang Seng is up 0.84% and China’s Shanghai Composite is up 0.27%.
  • Investors now await release of the U.S. third quarter GDP Price Index, GDP Growth Rate and personal consumption expenditure price data, due later today. The U.S. Michigan consumer sentiment index print for October is also due for release.