India Rupee Gains for 4th Day on Persistent Corporate Inflows.

India Rupee Gains for 4th Day on Persistent Corporate Inflows.

09 Dec 2019 06:00 PM

Indian Rupee - The Indian rupee gained for the fourth session against the dollar and rose to an over four-week high, aided by likely corporate greenback inflows that outweighed the impact of a robust U.S. jobs report.

The rupee settled at 71.04 to the dollar, its highest since Nov. 7, against its previous close of 71.19. The unit opened at 71.29 and rose to the day's high of 71.02. The unit has appreciated 0.8% in the last four sessions, including today.

Indian Equities - The benchmark BSE Sensex and NSE index ended 0.10% and 0.13% higher, respectively, tracking gains in Asian equities. Reliance Industries and Housing Development Finance Corp led the gains in the local indices.

Global Markets - Most Asian currencies settled lower against the greenback after the dollar index rose by the most in a month on Dec. 6, while the 10-year U.S. Treasury yield climbed to 1.86% following a better-than-expected U.S. jobs report. The Federal Reserve begins its two-day meeting tomorrow, following which it is widely expected to keep rates unchanged.

The benchmark Brent contract jumped to $64.88 per barrel on Dec. 6, its highest since Sep. 23, and gained over 1.5% during the day as OPEC and its allies agreed to deepen oil production cuts to 500,000 barrels a day through to March. The contract was last trading 0.7% lower at $63.83 per barrel.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.33% and the Shanghai Composite rose 0.08%. The Hang Seng lost 0.01%.

European markets are lower today with shares in France off the most. The CAC 40 is down 0.52% while Germany's DAX is off 0.28% and London's FTSE 100 is lower by 0.20%.