Aug 23 2018

Indian rupee closed at one-week low against the dollar

Financial Market Overview

23rd August, 2018

Rupee:-

  • The Indian rupee ended at a one-week low against the dollar, tracking broad strength in the U.S. currency after the Federal Reserve’s latest meeting minutes showed the authority was set for an interest rate hike next month.
  • The rupee settled at 70.11 to a dollar, its lowest since Aug. 16, against 69.81 at previous close. It opened below its key-psychologically important level of 70-per-dollar and remained in a 69.96-70.17 to dollar band today.

Local Markets:-

  • After clinching fresh milestones in the morning, shares had a sort of an anti-climax ending as benchmarks managed to end the day on a subdued note. Having said that, they managed to end the day on record closing highs
  • At the close of market hours, the Sensex was up 51.01 points or 0.13% at 38336.76, while the Nifty rose 11.90 points or 0.10% at 11582.80. The market breadth was narrow as 1,202 shares advanced, against a decline of 1,485 shares, while 186 shares are unchanged.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.37% and the Nikkei 225 rose 0.22%. The Hang Seng lost 0.43%.
  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.16% while London’s FTSE 100 is up 0.06% and Germany’s DAX is up 0.03%.
  • Brent crude oil contract rose by the most in two months yesterday, recording its fifth consecutive advance. It was last trading at $74.54 per barrel after advancing almost 3% in previous session. Prices had declined to lowest levels in four months on Aug. 15.
  • The greenback had witnessed some sell-off in recent sessions in reaction to Trump’s criticism of the Fed’s monetary tightening and political risk lingering on Trump due to legal woes of two his former advisors. Markets now await comments from the Federal Reserve Chair Jerome Powell tomorrow at the U.S. central bank’s annual policy symposium.
  • The dollar index was headed for its first advance in seven sessions, rising 0.2% today, rebounding from near two-week lows.