Indian Rupee Extends Losses As Fed Minutes Indicate Rate Hike In Next Month

23 Aug 2018 01:50 PM
Myforexeye Research Report

Financial Market Overview

23rd August, 2018

Noon Update:-                                                                                  



  • The Indian rupee extended losses against the dollar in afternoon trade, tracking broad strength in the greenback after the Federal Reserve’s latest meeting minutes indicated the authority may raise interest rates next month.
  • The rupee was last seen at 70.10 to a dollar, against 69.81 at close on Aug. 21. It opened lower at 70.02 and has remained in 69.97-70.14 to dollar band. Most Asian currencies also traded lower, led by losses in the Chinese Yuan.


Indian Equities:-

  • Indian shares fell marginally after briefly hitting fresh highs on Thursday as domestic investors exercised caution and refrained from making big bets amid escalating trade war tensions and as oil prices jumped 3 percent.
  • The Sensex is up 12.49 points or 0.03% at 38298.24, and the Nifty down 2.75 points or 0.02% at 11568.15. The market breadth is negative as 1,108 shares advanced, against a decline of 1,329 shares, while 165 shares are unchanged.


Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended lower by 0.54% and the Shanghai Composite closed higher by 0.37%.
  • European markets are trading mixed today. The London FTSE 100 traded higher by 0.05% followed by the France's CAC at 0.03% and the Germany's DAX is trading lower by 0.02%.
  • The dollar index was headed for its first advance in seven sessions, rising 0.3% today, rebounding from near two-week lows.
  • The greenback had witnessed some sell-off in recent sessions in reaction to President Donald Trump’s criticism of the Fed’s monetary tightening and political risk lingering on Trump due to legal woes of two his former advisors.
  • The benchmark Brent crude rose by the most in two months yesterday, recording its fifth consecutive advance. It was last trading at $74.49 per barrel after advancing almost 3% in previous session. Prices had declined to lowest levels in four months on Aug. 15.



Date : Aug-2018