India Rupee At 5-Wk High on Inflows

India Rupee At 5-Wk High on Inflows

10 Dec 2019 06:00 PM
 

Indian Rupee - The Indian rupee gained for a fifth consecutive session and hit a five-week high against the dollar, driven by corporate and carry trade-related inflows.

The rupee settled at 70.92 to the dollar, its highest since Nov. 5, against its previous close of 71.04.

Indian Equities - The benchmark BSE Sensex and NSE index ended 0.61% and 0.68% lower, respectively, tracking losses in Asian indices and on profit booking after a recent rally. Traders also await rate decisions from the Fed and ECB later in the week. ITC and Tata Consultancy Services led the losses.

Global Markets - Asian currencies closed mixed against the dollar, while most Asian equities were lower, as investors were cautious about a looming Dec. 15 deadline for imposition of U.S. tariffs on China.

The offshore Chinese yuan traded 0.1% down at 7.0380 against the dollar. The dollar index was little changed ahead of the beginning of the two-day Federal Reserve meeting. The Fed is likely to hold interest rates steady in its current 1.50%-1.75% range, following last week’s robust U.S. jobs report.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.10%, while the Hang Seng led the Nikkei 225 lower. They fell 0.22% and 0.09% respectively.

European markets are broadly lower today with shares in Germany off the most. The DAX is down 1.44% while London's FTSE 100 is off 1.06% and France's CAC 40 is lower by 0.91%.