Aug 03 2018

Indian Rupee At 1 Week low due to ongoing U.S-China Trade War

Financial Market Overview

03rd August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee fell to a more-than-one-week low against the dollar in thin-volume afternoon trade, in line with Asian peers, dragged by fresh fears of escalation in the ongoing U.S.-China trade war.
  • The rupee was last seen at 68.81 to a dollar also lowest since Jul. 25, against 68.70 at previous close. It opened little changed at 68.69 and briefly appreciated to 68.67 before paring all gains on greenback purchases by various foreign banks.

Indian Equities:-

  • It’s been a good day for the market so far, with the Sensex holding on to its 250-pt gain, while the Nifty is well above 11,300-mark as well.
  • The Sensex is up 266 points or 0.72% at 37432.07, and the Nifty up 76.60 points or 0.68% at 11321.30. The market breadth is positive as 1,704 shares have advanced, against a decline of 761 shares, while 129 shares were unchanged.

Global Markets:-

  • Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 0.14% as well as the Shanghai Composite at 0.97% .
  • European markets are trading higher today. The London’s FTSE100 is rose by 0.26% followed by the Germany’s DAX at 0.20% and the France’s CAC 40 at 0.05%.
  • The dollar index rose 0.6% overnight, posting its largest single-session gain in over three weeks and was last trading little changed.
  • The Chinese yuan was trading weaker against the greenback for a second consecutive session, impacted by worries over China’s trade war with the U.S. The onshore yuan was last trading half a percent lower, its lowest level so far since May 2017.
  • Traders expect to turn attention to the U.S. jobs data, due post Asian market hours today. The U.S. economy likely added 190,000 jobs last month and average earnings rose by 2.7% on-year.