India Rupee Opened Higher As Trump Criticizes Fed Rate Hikes

India Rupee Opened Higher As Trump Criticizes Fed Rate Hikes

21 Aug 2018 09:41 AM
Myforexeye Research Report

Financial Market Overview

21st August, 2018


  • The Indian rupee gained in the early trade on Tuseday. It has opened strong at 69.6550 per dollar, a gain of 0.1650 paise versus previous close 69.82. The outlook for U.S. interest rates will be a major area of focus along with developments on the U.S.-China trade front, considering that Fed meeting minutes are due tomorrow and the U.S. central bank’s annual policy symposium will get underway later in the week.
  • We expect the pair to trade in the range between 69.40- 69.75 today.

Indian Equities:-

  • Equities are off to a record high start, following the rally on Monday. There is buying seen among all sectors, with banks being one of the top gainers. This is followed by IT, auto, pharamceuticals and metals, among others. The midcap index is also trading in the green. 
  • The Sensex is up 77.31 points or 0.20% at 38356.06, while the Nifty is up 26.70 points or 0.23% at 11578.50.  The market breadth is positive as 405 shares advanced, against a decline of 140 shares , while 51 shares are unchanged.

Global Markets:-

  • Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.41% while the Hang Seng is up 0.05%. The Nikkei 225 is up by 0.03%.The Australian's ASX200 is little negative today by -65 points and -0.90% up.
  • European markets finished higher yesterday with shares in Germany leading the region. The DAX is up 0.99% while France's CAC 40 is up 0.65% and London's FTSE 100 is up 0.43%.
  • The major U.S. stock indexes rose on Monday as optimism over talks between the United States and China provided a boost to trade-sensitive stocks in the industrial, energy and materials sectors. But stocks pulled off their session highs minutes before the closing bell after U.S. President Donald Trump criticized the Federal Reserve for raising interest rates.
  • The Dow Jones Industrial Average rose 89.37 points, or 0.35 percent, to 25,758.69, the S&P 500 gained 6.92 points, or 0.24 percent, to 2,857.05 and the Nasdaq Composite added 4.68 points, or 0.06 percent, to 7,821.01.
  • The dollar index extended losses in early Asian trade, after closing at a one-week low, in which Trump said he was not thrilled with the Fed raising of interest rates and that the central bank needed to be more accommodating to boost the U.S. economy. Dollar index down 0.3% at 95.58, poised for fifth day of losses.



Date : Aug-2018