India Rupee Breaks 72 per dollar for first time on Dollar Bids

India Rupee Breaks 72 per dollar for first time on Dollar Bids

06 Sep 2018 01:43 PM
Myforexeye Research Report

Financial Market Overview

06th September, 2018

Noon Update:-                                                                                  



  • The Indian rupee extended early losses to breach the crucial 72/dollar level in afternoon trade despite suspected intervention from the central bank, on overwhelming greenback demand by foreign and state-run banks that raised foreign fund outflow fears.
  • The rupee was trading at 72.04 to a dollar, against 71.75 at close yesterday. It opened at the day’s high of 71.62 but was unable to hold onto gains, falling to a record-low of 72.11.

Indian Equities:-

  • Indian shares regained some lost ground on Thursday after declining to a near three-week low in the previous session, supported by energy and financial stocks.
  • The Sensex is down 33.45 points or 0.09% at 37984.86, while the Nifty is down 16.80 points or 0.15% at 11460.15. The market breadth is narrow as 1,345 shares advanced, against a decline of 1,034 shares, while 144 shares are unchanged.

Global Markets:-

  • Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 1.24% and the Shanghai Composite closed lower by 0.47%.
  • European markets are trading lower today. The France's CAC is trading lower by 0.05% followed by the London FTSE 100 at 0.23% and the Germany's DAX at 0.30% .
  • The dollar index was last trading little changed after previous session’s 0.3% decline, amid a jump in the British pound following the U.K. and Germany had abandoned a key Brexit demand, clearing way for the former’s exit from the European Union.
  • Risk sentiment continues to remain subdued amid expectation that U.S. President Donald Trump will impose fresh U.S. tariffs on another $200 billion of Chinese goods after the deadline on public comments ends today, which could be followed by retaliatory measures from China, further exacerbating the already heated trade conflict between the two economies.
  • Canada imposed tariffs on a wide variety of U.S. steel, aluminum and other goods, from soy sauce to sleeping bags, in retaliation against U.S. President Donald Trump's steel and aluminium tariffs.
  • The tariffs effectively shut down imports of U.S. maple syrup, which dropped 97 percent between June and July, to only C$112,881 ($85,567.77), the data showed.



Date : Sep-2018