Jan 17 2018

India Rupee Gains On Additional Borrowing Cut; RBI Steps In

Financial Market Overview

17th January, 2018

Morning Coffee:-                                                                                  



  • USD/INR retreats after opening higher as New Delhi cuts additional borrowing requirement for this fiscal year to INR200 billion from INR500 billion. Pair now at 63.77 against 64.08 day’s high and 64.03 previous close. “The lower additional borrowing will ease concerns of government missing its fiscal deficit target by a wide margin.
  • Pair to tip in range between 63.75-64.10 today.


Indian Equities:-

  • Benchmark indices opened mildly higher , with the Nifty reclaiming 10,700 level, driven by technology stocks..
  • The 30-share BSE Sensex was up 83.21 points at 34,854.26 and the 50-share NSE Nifty gained 19.80 points at 10,720.30.
  • Amber Enterprises, which raised Rs 179 crore from anchor investors yesterday, has opened its initial public offering for subscription.



Global Markets:-

  • Asian markets are mixed to lower. Shares in Hong Kong are off as the Hang Seng drops 0.57%. The Nikkei 225 is down 0.51% while the Shanghai Composite in China is unchanged.
  • European markets finished mixed as of the most recent closing prices. The DAX gained 0.35% and the CAC 40 rose 0.07%. The FTSE 100 lost 0.17%.
  • The dollar fell to a three-year low against its peers on Wednesday, losing its earlier bounce as the euro edged back after shaking off a setback to Chancellor Angela Merkel’s chances of forging a “grand coalition” in Germany.
  • The euro had also been held back on Tuesday as members of the centre-left Social Democrats (SPD) in one of Germany’s regions voted against talks with Merkel’s conservative Christian Democrats (CDU), stoking worries over whether she can form a “grand coalition”.