India Rupee At 2-Wk Low As Trade War Fears

India Rupee At 2-Wk Low As Trade War Fears

30 Oct 2018 05:44 PM
Myforexeye Research Report

Financial Market Overview

30th October, 2018

Evening Coffee:-                                                                        



  • The Indian rupee fell to a two-week low against the dollar, as investors’ appetite for risk assets took a hit amid renewed concerns over U.S. and China trade war and broad greenback strength.
  • The rupee ended at 73.68 to a dollar, lowest close since Oct. 15, against 73.44 at yesterday’s close. It opened at 73.55 and traded in a 73.52-73.70 to dollar band. Most Asian currencies ended flat to lower against the greenback.

Indian Equities:-

  • Equity benchmarks witnessed a volatile trading session as they saw extreme swings between positive and negative zones, before settling in the red. Some additional selling in the last hour dragged indices further down to the low points. The Nifty ended around 10,200.
  • Midcaps, however, had a field day as the Nifty Midcap index closed around a percent higher.
  • At the close of market hours, the Sensex is down 176.27 points or 0.52% at 33891.13, while the Nifty is lower by 52.50 points or 0.51% at 10198.40. The market breadth is narrow as 1,472 shares advanced, against a decline of 1,066 shares, while 1,104 shares were unchanged.

Global Markets:-

  • European markets are mixed. The FTSE 100 is higher by 0.07%, while the CAC 40 is leading the DAX lower. They are down 0.45% and 0.38% respectively.
  • Growth in the euro area economy slowed in the third quarter, according to a preliminary estimate released on Tuesday, adding to fears that the bloc's economy is losing momentum. Eurostat said the euro area economy grew by just 0.2% in the third quarter, halving from 0.4% in the previous quarter. Economists had been expecting growth of 0.4%.
  • The economy expanded by an annualized 1.7% in the three months to September, slowing from a upwardly revised 2.2% in the second quarter, missing forecasts of 1.9%.
  • Germany's jobless total fell in October and employment hit a record high in September, data showed on Tuesday, underlining the strength of a labor market that is supporting a consumer-led upswing in Europe's largest economy.
  • The Federal Labour Office said the seasonally adjusted jobless total fell by 11,000 to 2.292 million, slightly below the predicted drop of 12,000. The unemployment rate remained unchanged at 5.1 percent, the lowest since German reunification in 1990.
  • Brent crude oil contract was last trading off 0.6% at $76.87 per barrel, heading for a second straight session of losses on fragile risk sentiment.



Date : Oct-2018