Indian rupee opened at record lows as Turkish lira tumble

Indian rupee opened at record lows as Turkish lira tumble

13 Aug 2018 10:11 AM
Myforexeye Research Report

Financial Market Overview

13th August, 2018


  • The Indian rupee slipped to a record low as it fell 64 paise in the early trade on Monday. It has opened at 69.47 per dollar on Monday versus 68.83 Friday.The previous record low for the rupee was 69.13, reached on Jul. 20.
  • We expect the pair to trade in the range between 69.10-69.66 today.

Local Markets:-

  • Bears took the control on the D-street as the benchmark indices opened lower on Monday morning, with the Nifty trading around 11,350, while the Sensex trading around 37,600.
  • The Sensex is down 268.42 points at 37600.81, and the Nifty down 73.80 points at 11355.70. About 347 shares have advanced, 846 shares declined, and 71 shares are unchanged. 
  • Nifty Bank down 1 percent as banking stocks were under pressure post the rupee touched a record low of 69.49 in the opening trade on Monday. 

Global Markets:-

  • Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off -1.60% while the Hang Seng is down -1.73%. The Nikkei 225 is trading lower at 1.63 %.The Australian's ASX200 is little negative by -0.51%.
  • European markets finished lower on Friday with shares in Germany leading the region. The DAX is down 1.99% while France's CAC 40 is off 1.59% and London's FTSE 100 is lower by 0.97%.
  • S. stocks slid on Friday Close as a deepening economic crisis in Turkey dragged on bank shares and triggered concerns that it could spread to other global economies.
  • The Dow Jones Industrial Average fell 196.02 points, or 0.77 percent, to 25,313.21, the S&P 500 lost 20.31 points, or 0.71 percent, to 2,833.27 and the Nasdaq Composite dropped 52.67 points, or 0.67 percent, to 7,839.11.
  • The dollar strengthened against most major currencies, except the safe have yen and Swiss franc. The dollar index edged higher on Monday, adding to Friday near 1% advance. Safe haven demand prompted 10-year U.S, yields to fall to 2.85%.
  • The Chinese yuan paced losses among Asian currencies, falling 0.4% to 6.8750 against the dollar. In regional equities, benchmark gauges in Hong Kong, China, South Korea, and Singapore were down 1% or more.
  • The lira fell about 10% in Monday trading, extending its 15% decline from Friday after the country’s President over the weekend struck a defiant tone after U.S. President Donald Trump vowed to double steel and aluminum tariffs if Turkey did not comply with U.S. demands. Turkish President Tayyip Erdogan, over the weekend, pledged to fight back and denied that the country was in a currency crisis. Erdogan’s remarks came in the face of a more than 40% plunge in the lira this year amid concerns over his influence over the economy and the nation’s central bank and in the wake of worsening ties with the U.S.




Date : Aug-2018