Sep 07 2018

Indian Rupee Gains On Central Bank Intervention

Financial Market Overview

07th September, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee recovered from an intermediate slump to rise against the dollar in afternoon trade, as heavy dollar sales by private banks, likely on behalf of the central bank, outweighed losses tracking weak global risk appetite.
  • The rupee was trading at 71.7850 to a dollar, against 71.99 at previous close, a record-low end for a seventh straight session. It briefly rose to 71.7075 tracking ease in crude oil prices before depreciating to as low as 72.0350.

 

Indian Equities:-

  • Indian shares edged higher on Friday, supported by gains in energy and auto stocks, but were headed for their biggest weekly drop since mid-May as a depreciating rupee soured investor sentiment.
  • The broader NSE index was up 0.11 percent at 11,549.05, while the benchmark BSE index was 0.04 percent higher at 38,257.83.

 

Global Markets:-

  • Asian markets finished higher today. The Hong Kong Hang Seng ended higher by 0.02% and the Shanghai Composite closed higher by 0.40%.
  • European markets are trading mixed today. The France’s CAC is trading higher by 0.31% followed by the Germany’s DAX at 0.18%  and the London FTSE 100 lower by 0.03%.
  • The dollar index was down 0.1%, ahead of the U.S. monthly jobs data due later today.
  • Brent crude was last trading little changed at $76.58, after having posted a decline of 2% over the previous two sessions. The last time crude posted a back-to-back decline was in middle of August, when it fell to near the $70-a-barrel mark.
  • Oil prices held steady on Friday as a fall in U.S. crude inventories to the lowest levels since 2015 supported the market, although Sino-U.S. trade tensions and economic weakness from emerging markets remained a concern.
  • U.S. West Texas Intermediate crude futures were at $67.93 per barrel, up 16 cent from their last settlement.