Aug 16 2018

India Rupee At Record Low Tracking Non-Deliverable Forwards

Financial Market Overview

16th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee extended losses and hit another record low in afternoon trade, tracking a jump in USD/INR non-deliverable forwards, even as most Asian currencies recouped losses on reports of trade talks between the U.S. and China later this month.
  • The rupee was last seen at 70.30 to a dollar, against 69.90 at previous close. It fell to day’s low of 70.3850, but recouped some losses on greenback sales by at least one large state-run bank and a private lender selling dollars at various levels.

 

Indian Equities:-

  • Tepid moves have continued on the market, with the Nifty hovering around 11,400-mark. The Sensex is trading flat with a negative bias. While the Bank Nifty cut losses from its morning lows, PSU banks are seeing a sharp up move, gaining over a percent.
  • The Sensex is down by 120.12 points or 0.32% at 37731.88, and the Nifty down by 36.15 points or 0.32% at 11398.95. The market breadth is narrow as 1,218 shares advanced, against a decline of 1,181 shares, while 141 shares were unchanged.

 

Global Markets:-

  • Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 0.82% and the Shanghai Composite closed down by 0.63%.
  • European markets are higher today. The France’s CAC is trading higher by 0.26% followed by the London FTSE 100 at 0.26% and the Germany’s DAX at 0.22%.
  • The dollar index was last trading down 0.1%, after closing little changed overnight.
  • Economic crisis in Turkey and ongoing trade frictions between the U.S. and China had spooked risk sentiment.
  • The Turkish lira managed a relief rally on Tuesday and Wednesday to climb above six against the dollar, well off its low of near 7.20, reached at the beginning of the week.