Aug 08 2018

Indian Rupee Off Highs On Dollar Purchases by Oil Importers

Financial Market Overview

08th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee came off highs against the dollar in afternoon trade amid greenback purchases by oil importers, which erased some early gains in the wake of a pullback in the dollar index.
  • The Indian rupee was last seen at 68.6550 to a dollar against 68.68 at the previous close. It had earlier risen to as much as 68.58 and has traded in a 10-paisa range so far.

 

Indian Equities:-

  • Indian shares rose to a record on Wednesday, driven by market heavyweight Reliance Industries Ltd and lenders such as HDFC Bank Ltd and Kotak Mahindra Bank Ltd, while strong Asian markets also helped boost investor sentiment.
  • The Sensex is up 199.81 points or 0.53% at 37865.61, while the Nifty is up 51.25 points or 0.45% at 11440.70. The market breadth is narrow as 1,329 shares advanced, against a decline of 1,062 shares, while 133 shares are unchanged.

 

Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended higher by 0.37% and the Shanghai Composite ended lower by 1.23%.
  • European markets are mixed today. The London’s FTSE100 is rose by 0.15%, the France’s CAC 40 is trading higher by 0.06% and the Germany’s DAX is lower by 0.20%.
  • The dollar index was trading down 0.20%, extending its 0.1% decline in the previous session. The Chinese Yuan was little changed at 6.81 against the dollar.
  • The Yuan had earlier rise in the day amid a report that China’s central bank had urged banks to prevent any “herd behavior” in the foreign exchange market. The report came only days after the People’s Bank of China efforts to make it expensive to bet on yuan’s decline after the currency plummeted to an over one-year low.
  • The benchmark Brent crude oil contract was trading steady at $74.62 per barrel today after advancing 1.2% yesterday.